Federal Direct Loans
Complete a Free Application For Federal Student Aid (FAFSA) to borrow with the William D. Ford Federal Direct Loan Program. Learn more about what to expect when applying for Federal Direct Loans. Learn who is eligible to borrower Federal Direct Loans and how to manage repayment.
NEW Direct Loan Interest Rates were signed into law on Friday August 9, 2013.
For more information on the Direct Loan Interest Rates check out www.studentaid.ed.gov.
NEW Direct Loan Fees go into affect for all Federal Direct Loans with a first disbursement on or after December 1, 2013. For Federal Direct Subsidized and Unsubsidized loans, the origination fee charged at the time of disbursement will change from 1.051% to 1.072%. For Federal Direct PLUS loans, the origination fee charged at the time of disbursement will change from 4.204% to 4.288%.
Federal Direct Subsidized and Unsubsidized Loans
Federal Direct Subsidized loans are only offered to undergraduate students. Federal Direct Unsubsidized loans are fixed interest rate loans offered to undergraduate, graduate, and professional students enrolled half-time or higher.
Federal Direct Graduate PLUS Loan
This fixed interest rate, credit-based loan can be applied for by graduate and professional students enrolled half-time or more. A separate promissory note and entrance counseling are required for the GradPLUS.
Federal Direct Parent PLUS Loan
This fixed interest rate, credit-based loan can be applied for by parents of dependent undergraduate students enrolled half-time or more.
Private student loans are meant to provide additional funds only after you have applied for federal financial aid. These loans are offered through commercial banks and most offer fixed or variable interest rates. All private loans require credit checks and most loans will require a cosigner if the borrower has little or no credit history. Be aware that most of these loans do not offer flexible repayment plans or consolidation options.
Student Loan Repayment
Find out your repayment options.
1. Sign into www.studentloans.gov
2. Click on "Repayment Estimator" under "Tools and Calculators"