Federal Direct Stafford Loans: Subsidized & Unsubsidized
- Funds borrowed by student from the U.S. Department of Education.
- Repayment begins six months after graduation or if student falls below half-time enrollment status.
Stafford Loan Interest Rate Subsidized - Undergraduate Unsubsidized - Undergraduate 2009-10 5.60% 6.80% 2010-11 4.50% 6.80% 2011-12 3.40% 6.80% 2012-13 3.40% 6.80% 2013-14 3.86% 3.86% 2014-15 4.66% 4.66% Stafford Loan Interest Rate Unsubsidized - Graduate PLUS and Grad PLUS 2009-10 6.80% 7.90% 2010-11 6.80% 7.90% 2011-12 6.80% 7.90% 2012-13 6.80% 7.90% 2013-14 5.41% 6.41% 2014-15 6.21% 7.21%
- Subsidized loans accrue interest upon entering repayment.
- Unsubsidized loans accrue interest while student is in school.
- Eligibility determined from FAFSA.
- Awards per semester depend upon grade level, dependency status, Stafford Loans previously borrowed, etc.
- Dependent undergraduates can borrow a lifetime maximum of $31,000 (no more than $23,000 of this can be subsidized).
- Independent undergraduates can borrow a lifetime maximum of $57,500 (no more than $23,000 of this can be subsidized).
- Student working on a Master's or Doctoral degree can borrow a lifetime maximum of $138,500 and may be eligible to borrow a Graduate Plus Loan.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Funds borrowed by parent for dependent undergraduate student.
- Repayment usually begins 30 to 90 days after disbursement.
- Plus Loans accrue interest while student is in school.
- Eligibility determined from the student's FAFSA.
- Amount parent can borrow is dependent upon other financial assistance received by student.
Direct Loan Information
Federal Nursing Loans
- Federally funded, institutionally administered.
- Repayment begins 9 months after graduation or if student falls below half-time enrollment status.
- Interest fixed at 5%.
- Accrue interest upon entering repayment.
- Eligibility determined from FAFSA; priority given to juniors and seniors.
- Average Federal Nursing Loan per semester of $1,000.
- Funds borrowed by student from lending institution.
- May borrow up to cost of attendance less financial aid already received.