Student Loans
Online Loan Entrance Counseling for First Time Borrowers
For Students - Click Here to Sign A Master Promissory Note
For Parents - Online Direct PLUS Loan Application for Parents
Online Loan Exit Interview for Graduating Students
William D. Ford Federal Direct loans - Direct loans are low-interest loans for students and parents to help pay for the cost of a student's education. The lender is the U.S. Department of Education rather than a bank or other financial institution. The first step in applying is to complete the Free Application for Federal Student Aid (FAFSA) and then complete a Master Promissory Note (MPN).
There are different types of William D. Ford Federal Direct loans available, The Direct Subsidized Loan, The Direct Unsubsidized loan, the Direct PLUS loan, and the Direct Consolidation loan.
Direct Subsidized and Unsubsidized loans - Direct subsidized loans are for students with financial need, as determined by filing the FAFSA form. No interest is charged on a direct subsidized loan while you are in school in a degree seeking program, registered at least half-time, and during your grace period and deferment periods. Direct unsubsidized loans are not based on financial need so interest is charged during all periods on an unsbusidized loan.
Direct PLUS Loans - Direct PLUS loans are low-interest loans available to parents of dependent students to help pay for the student's educational expenses. Interest is charged on the Direct PLUS loan during all periods.
Direct Consolidation Loans - Direct Consolidation loans are loans for borrowers who have completed their studies, and want to combine different eligible federal student loans into one Direct Consolidation loan.
The following are the maximum annual loan amounts that can be borrowed through the Direct Loan Program.
| Dependent Student Annual loan Limits |
Total Sub + Unsub |
|
Freshmen (0-44 credits) |
$3,500 + $2,000 = $5,500* |
|
Sophomore (45-89 credits) |
$4,500 + $2.000 = $6,500* |
|
Junior/Senior (90-134 credits) |
$5,500 + $2,000 = $7,500* |
| Independent Student Annual Loan Limits | Sub + Unsub | Total |
| Freshmen (0-44 credits ) | $3,500 + $6,000 | $9,500 * |
| Sophomore (45-89 credits) | $4,500 + $6,000 | $10,500 * |
| Junior/Senior (90-134 credits) | $5,500 + $7,000 | $12,500 * |
| Graduate | $8,500 +$12,000 | $20,500 * |
* (Loan limits may be subject to proration when taking less than three terms per year)
| Maximum Aggregate Life-time Loan limits |
Sub + Unsub |
| Dependent Undergraduate | $31,000 |
| Independent Undergraduate | $57,500 |
| Graduate | $138,500 |