Federal Loan Information and Loan Application Instructions
The U.S. Department of Education has a Direct Loan Program that provides you and your parents with affordable, low-interest loan options to help finance the your education.
Direct Subsidized Loan
This loan is in your name only, and must have financial need to qualify, which is based on your FAFSA. The federal government pays the interest on this loan while you are enrolled at least half-time in school and during a grace period when you are out of school.
Direct Unsubsidized Loan
This loan is in your name only, but you are not required to have financial need to qualify. The borrower is responsible for paying the interest on this loan. Maximum loan amounts are shown below.
|Junior or Senior
Direct Parent PLUS Loan
Parents can borrow the cost of education minus other financial aid you may receive. The parent is responsible for paying the interest on PLUS loans, starting from the date the loan is first disbursed. Principal payments begin 60 days after the final disbursement; however, principal payments can be deferred while you are in school. Parents have up to 10 years to repay PLUS loans.
If your parent applied and is denied the loan, you become eligible to receive an additional Direct Unsubsidized Loan: $4,000 for First Year/Sophomore and $5,000 when you are a Junior/Senior.
The federal government determines the loan interest rates and fees, which are subject to change annually. They are provided here as a reference.
||Interest Rate %
||Origination Fee %
|Parent PLUS Loan
To calculate a sample repayment schedule, try this Education Quest calculator.
Direct Loan Instructions (Subsidized or Unsubsidized)
- You (the student) logs into www.studentloans.gov with your FSA ID. If you do not yet have your FSA ID, follow instructions on the page to create one.
- You will then complete Direct Loan Entrance Counseling and the Master Promissory Note. Once you finish, you will receive confirmation.