Student Loans

Federal Direct Loan

Low-interest Federal Direct Loan funds are available to help students and their families finance the cost of education. Eligibility for each of these types of loans is determined by the student’s financial need. The amounts listed below are the maximum annual amounts a student can borrow in both Subsidized and Unsubsidized Direct Loans. A student may receive less than these annual maximum amounts if he/she receives other financial aid that is used to cover a portion of their cost of attendance. The descriptions here are current as of the date of printing and are subject to change.

(and dependents whose parents are unable to borrow under the PLUS program)

Aggregate Limits

(and dependents whose parents are unable to borrow under the PLUS program)

For periods of study that are less than an academic year, the amount a student can borrow will be prorated. For additional information, consult the Department of Financial Aid. Minimum monthly repayments of $50 begin six months after the student leaves school or is not enrolled at least half-time. The standard repayment period is 10 years, but several alternative repayment schedules are available. Students should contact their loan servicer to make alternative payment arrangements, update change of address information or if there is any difficulty in repaying the loan. Subsidized Direct Loans are interest-free for the student while enrolled at least half-time. A student must have remaining financial need, as determined by the Federal Methodology, to qualify for a Direct Subsidized Loan. Direct Unsubsidized Loans accrue interest  when loan funds are disbursed. Students may be able to defer making the interest payments on an unsubsidized loan, but this interest will be added to the loan principal and result in higher indebtedness. Students are encouraged to make the quarterly interest payment, if at all possible, while still in school. Students do not need to have financial need to qualify for this type of loan. Eligibility is determined by the cost of attendance and other financial aid available to that student and can replace the estimated family contribution. A student may receive both a Subsidized and a Direct Unsubsidized Loan, but the total cannot exceed program limits as illustrated in the chart above.

Federal Direct Parent Loan for Undergraduate Students (PLUS Loan)

This is a federal loan program available to parents on behalf of their dependent’s educational costs. Eligibility is determined by the cost of attendance and other financial aid available to that student.

Creditworthiness is an important qualifying criterion and endorsers may be required under some circumstances.

Federal Direct Grad PLUS Loan

This is a federal loan program available to students enrolled in graduate programs.  Eligibility is determined by the cost of attendance and other financial aid available to that student; can replace the estimated family contribution.

Creditworthiness is an important qualifying criterion and endorsers may be required under some circumstances.

Private/Alternative Loans

Many lenders provide private/alternative loans to help students finance their education when traditional sources of funding are not available or are insufficient to meet their educational costs. These programs are outside the realm of the federal government but will mimic the Federal Direct Loans in many ways. Creditworthiness is an important qualifying criterion and endorsers may be required most circumstances. Contact the Department of Financial Aid for more information about these types of loans.