To qualify for Federal Direct Loans, you must:
- Be a U.S. citizen or eligible non-citizen.
- Have a valid Social Security Number.
- Submit the FAFSA.
- Not be in default on any type of federal loan.
- Be enrolled at least half-time in a degree seeking program.
Types of Loans
Interest will accrue from the time the loan is disbursed to the school, but can be deferred until six months after graduation. The student does not have to make any payments on the loan while attending school at least half-time but may choose to pay the interest while in attendance.
The interest rate for the Federal Unsubsidized Loan is 6.21 percent. There is a 1.073 percent origination fee for all Federal Direct Unsubsidized Loans. This amount is automatically deducted upon disbursement by the U.S. Department of Education. For specific information on grace, deferment and repayment, see the loan repayment page.
|Time Frame||Total Annual Maximum:|
|Aggregate Borrowing Limit |
(subsidized + unsubsidized)
In order to receive a Federal Direct Unsubsidized Loan a borrower must be awarded on his/ her financial aid award. The borrower must accept the loan online through Titan Web. The borrower must have a valid Master Promissory Note and Entrance Counseling on file. Learn more about instructions regarding completing a Master Promissory Note and/ or Entrance Counseling.
Grad PLUS Loan
Graduate students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Requirements to borrow a PLUS Loan include a good credit history, repayment beginning 60 days after the last disbursement and a fixed interest rate. The Grad PLUS loan amount offered on the financial aid award is the maximum amount that can be borrowed for the academic year. Payments may be deferred at borrower's request until six months after graduation. The borrower will need to contact their loan servicer regarding deferment and repayment options available.
The interest rate on newly disbursed Direct Graduate PLUS Loans is fixed at 7.21 percent. There is an origination fee of 4.292 percent.
Apply for a Grad PLUS Loan
Learn more about the Graduate PLUS Loan Processing for the 2014-2015 school year
Depending on your situation and credit, you may want to consider a Private Education Loan. Rates and terms are set by the lender and based on your credit. If approved by the lender, you are eligible to borrow up to the cost of attendance minus other estimated financial assistance.
Learn more on Private Education Loans.