Loans

• William D. Ford Federal Direct Loan offered by the federal government includes both subsidized and unsubsidized Direct Loans. Eligibility for the subsidized Federal Direct Loan is determined on the basis of need as determined by the FAFSA and requires no payment of principal until six months after the student ceases half-time enrollment, withdraws, or graduates. Subsidized Federal Direct Loans do not accrue interest during periods of enrollment and the six-month grace period.  Unsubsidized Direct Loans accrue interest starting from the day of disbursement and during the six-month grace period.  A Direct Loan origination fee will be deducted from each disbursement prior to the loan being applied to a student bill.

The following chart shows Direct Loan amounts based on credits earned:

Additional Unsubsidized Federal Direct Loan funds are available to independent undergraduate students. Freshmen and sophomores may receive up to $4,000, while juniors and seniors may be awarded up to $5,000. Dependent students whose parents have been denied a Federal Direct PLUS Loan may also be awarded these additional unsubsidized funds.

Federal Direct PLUS Loans are available to parents who have no adverse credit history. Repayment of a PLUS loan generally begins within 60 days of disbursement.