| LOAN TYPES |
INTEREST |
FEES RATE |
AMOUNTS |
REPAYMENT AVAILABLE |
| NEED BASED LOANS |
| FEDERAL DIRECT SUBSIDIZED LOAN (Undergraduate) |
0% while in school. Tentatively the interest rate is 4.99% as of July 1, 2022. This is subject to change due to federal regulations. The interest begins immediately after graduation or when the student drops below half-time status. |
1.057% origination fee deducted from your loan. First disbursement on or after 10/1/2022 before 10/1/2023. |
Maximum amounts; Year 1, $3,500; Year 2, $4,500; Years 3-5, $5,500. Aggregate totals: Dependent students $31,000. Independent students $57,500. If your program of study is less than an academic year, contact your school for loan limits. |
Interest is paid by the federal government while the student is in school at least half-time and during the deferment periods. Repayment begins 6 months after graduation, withdrawal or dropping below half-time status. $50 minimum monthly payment. Up to 10 years to repay. |
| NON-NEED BASED LOANS |
| FEDERAL DIRECT UNSUBSIDIZED LOAN (Undergraduate) |
4.99% as of July 1, 2022. |
1.057% origination fee deducted from your loan. First disbursement on or after 10/1/2022 before 10/1/2023. |
For dependent students, the amount you borrow from the Direct Subsidized and Unsubsidized Loan programs combined cannot exceed the above limits. Maximum amounts; dependent students: years 1-5, $2,000. Independent students may be eligible for additional Unsubsidized Stafford funds: Years 1-2, $6,000; Years 3-5, $7,000; Graduate, $20,500. |
The borrower is responsible for interest charges from the date the loan is disbursed. Repayment begins 6 months after graduation withdrawal or dropping below half-time status. $50 minimum monthly payment. Up to 10 years to repay. |
| FEDERAL DIRECT UNSUBSIDIZED LOAN (Graduate) |
6.54% as of July 1, 2022. |
| FEDERAL DIRECT PLUS LOAN (Parents of dependent students and Graduate students) |
7.54% as of July 1, 2022. |
4.228% origination fee deducted from your loan. First disbursement on or after 10/1/2022 before 10/1/2023 |
Graduate and professional degree students must apply for maximum annual loan amount under the Federal Unsubsidized Stafford Loan Program. Loan amount is up to the cost of attendance minus other financial aid. |
Repayment begins within 60 days after the loan is fully disbursed. Payments can be postponed while in school, via a request to the lender. $50 minimum monthly payment. Up to 10 years to repay. |
| FEDERAL DIRECT CONSOLIDATION LOAN |
Weighted average of all the loans you consolidate rounded up to the nearest whole percent. |
No additional fees to the borrower. |
Based upon the loans you consolidate. |
Repayment may be based on a fixed, income sensitive or graduated repayment plan. The number of years you have to repay the loan depends on the outstanding student loan balance. For more information on consolidating your loans, contact your loan servicer. |
Sample Repayment Chart for Federal Direct Loans
(Example based on 2022-2023 4.99%* during repayment period)
*Rate for Undergraduate students during 2022-2023
| AMOUNT BORROWED |
NUMBER OF PAYMENTS |
PAYMENT AT TIME OF REPAYMENT |
TOTAL INTEREST |
TOTAL
FINANCED |
| $1,000 |
21 |
$50 |
$46 |
$1,046 |
| $2,000 |
44 |
$50 |
$192 |
$2,192 |
| $3,500 |
83 |
$50 |
$645 |
$4,145 |
| $5,000 |
120 |
$53 |
$1,361 |
$6,361 |
| $7,500 |
120 |
$80 |
$2,042 |
$9,542 |
| $12,500 |
120 |
$133 |
$3,403 |
$15,903 |
| $15,000 |
120 |
$159 |
$4,083 |
$19,083 |
| $20,000 |
120 |
$212 |
$5,444 |
$25,444 |
| $25,000 |
120 |
$265 |
$6,805 |
$31,805 |
| $31,000 |
120 |
$329 |
$8,438 |
$39,438 |
| $35,000 |
120 |
$371 |
$9,527 |
$44,527 |
| $40,000 |
120 |
$424 |
$10,888 |
$50,888 |
| $50,000 |
120 |
$530 |
$13,610 |
$63,610 |
| $57,500 |
120 |
$610 |
$15,651 |
$73,151 |
|
