A Federal Direct loan is available to students who demonstrate financial need. Award amounts are based on grade level, dependency status and budget.
The maximum amounts are: $3,500 for a first-year undergraduate student, $4,500 for a second-year student and $5,500 for a third or fourth-year student. Subsidized loans first disbursed on or after July 1, 2022, have an interest rate of 4.99% for undergraduate students. There is a 1.057% origination fee charged by the federal government on Federal Direct Subsidized loans. The federal government pays the interest on the loan as long as the student is enrolled at least half-time. Eligibility is based on other sources of financial aid received and a parental contribution factor. Students and parents will borrow directly from the U.S. Department of Education. For Federal Loans, students must apply no later than a week before the end of the current term for the term they are seeking aid.
Information on the application for the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
- Complete your FAFSA.
- Turn in a Master Promissory Note.
- Submit a Direct Loan Acceptance Status.
- Complete Loan Entrance Counseling.