Low-interest loans can help you pay your college tuition now and defer repayment until after you graduate or are no longer a college student. Educational loans are available for both you and your parents. Student accounts are credited with loan funds once the required promissory notes and other application steps are completed.
- Eligibility is granted to students who complete the FAFSA
- Loan amounts range from $5,500 to $7,500 for dependent students and total $12,500 for independent students. Actual amounts will be shown on each student's financial aid notification.
- Subsidized loans are based on financial need; while you are in college, the government pays the interest on your loan. Unsubsidized loans are available to students who don't show financial need; students with unsubsidized loans are responsible for loan interest payments while in college or may choose to defer payment until after graduation.
- Undergraduate subsidized and unsubsidized Direct Loan interest rate: 3.73% for 2022–23; the origination fee is 1.057%
- Graduate unsubsidized Direct Loan interest rate: 5.28% for 2022–23; the origination fee is 4.228%
- Repayment starts 6 months after graduation or your student status drops below half time
- Repayment timeline: between 10 and 25 years
- Learn more about the Federal Direct Loan Program
Maximum loan limits for direct loans
|Year||Dependent students||Independent students||Subsidized maximum|
|Freshman (0-23 credits)||$5,500||$9,500||$3,500|
|Sophomore (24-54 credits)||$6,500||$10,500||$4,500|
|Junior and above (55+ credits)||$7,500||$12,500||$5,500|
- Includes Grad PLUS Loan for eligible graduate or professional students, and Parent PLUS Loan for parents of dependent undergraduate students
- Applicants need to complete the FAFSA
- Parents/guardians or graduate students may apply for funds to apply toward educational expenses
- Interest rate: 6.28% for 2022–23; origination fee: 4.228%
- Repayment starts within 60 days of the final disbursement for the current year; payments may be postponed until 6 mos. after the student has graduated or is no longer at least a half-time student
- Repayment timeline: 10 years
- Learn more about the Federal PLUS Loan program