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Ïã¸ÛÁùºÏ²Ê¹ÙÍø¿ª½± participates in the William D. Ford Federal Direct Loan Program. Direct Loans provide students with a low-interest way to borrow money to pay for their higher education. The U.S. Department of Education is the lender for Direct Loans rather than a bank or other financial institution. Direct Loans are:

• Simple:ÌýYou borrow directly from the federal government, who will assign your loans to a loan servicer. Typically all of your loans will be assigned to the same servicer, even if you receive Direct Loans at different schools.
• Convenient:ÌýYou will have online access to your Direct Loan account information 24 hours a day, 7 days a week.
• Flexible:ÌýYou can choose from a variety of repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans as your needs change.

Loans are awarded after your eligibility for grants, scholarship, and Federal Work-Study (FWS) are determined. Your financial aid package may include loans that are need based (subsidized) and/or non-need based (unsubsidized). Federal loans are offered for the maximum amount you are eligible to receive based on your dependency status and grade level. You may borrow less than the awarded amount, or not at all. Repayment typically begins 6 months after you graduate or drop below ½-time enrollment, whichever happens first.

Federal Student Loan Eligibility Requirements

In order to be eligible for a Federal Direct Loan, students must:

• Have a valid FAFSA on file
• Complete verification (if selected)
• Be degree-seeking
• Be enrolled at least ½-time (minimum 6 credit hours) each semester
• Be meeting minimum Satisfactory Academic Progress standards

Types Of Direct Loans

Subsidized:ÌýAvailable to undergraduate students with financial need. The Department of Education pays the interest during periods of at least half-time enrollment, as well as grace and deferment periods. The interest rate isÌý, which changes each July 1^st. There is also anÌýÌýdeducted by the Department of Education.

Please note that first-time borrowers after July 1, 2013 may not receive subsidized loans for more than 150 percent of the published length of your program of study.

Unsubsidized:ÌýNot based on financial need, and interest is charged during all periods – including the time a student is in school and during grace and deferment periods. The interest rate isÌý, and changes each July 1^st. There is also anÌýÌýdeducted by the Department of Education. Students can opt to let interest accrue, or make quarterly interest payments to their servicer.

Parent PLUS:ÌýAvailable to eligible parents of dependent undergraduate students to help pay for educational expenses.ÌýÌýis charged during all periods. There is also anÌý. The maximum award is limited to the cost of attendance minus all other aid received. Repayment begins immediately after the last disbursement is received, or you may contact the loan servicer to request a deferment. A credit check is required to qualify.

What Amounts Can You Borrow?

Annual Maximum Loan Limit

First-year (0-29 credits)

• Dependent: $5,500
  (no more than $3,500 of this amount may be in subsidized loans)
• Independent: $9,500
  (no more than $3,500 of this amount may be in subsidized loans)

Second-year (30-59 credits)

• Dependent: $6,500
  (no more than $4,500 of this amount may be in subsidized loans)
• Independent: $10,500
  (no more than $4,500 of this amount may be in subsidized loans)

Third-year and beyond (60+ credits)

• Dependent: $7,500 (no more than $5,500 of this amount may be in subsidized loans)
• Independent: $12,500
  (no more than $5,500 of this amount may be in subsidized loans)

Aggregate Maximum Loan Limit

• Dependent Students: $31,000
  (no more than $23,000 of this amount may be in subsidized loans)
• Independent Students: $57,500
  (no more than $23,000 of this amount may be in subsidized loans)

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How To Apply For Federal Direct Subsidized And Unsubsidized Loans

Step 1:ÌýComplete theÌý. Loans will be included in your financial aid package, if you are eligible.

Step 2:ÌýComplete a Federal Direct LoanÌý. The MPN is your promise to repay your loans and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loans.

Step 3:ÌýCompleteÌý. Entrance counseling takes about 30 minutes to complete and will familiarize you with your rights and responsibilities as a borrower.

Step 4:ÌýComplete theÌý. Students must complete the Annual Student Loan Acknowledgment every they borrow a loan. Existing borrowers will review and acknowledge their amount owed and how much more they can borrow. New borrowers will acknowledge their responsibility to repay their loans.

Your Direct Loans cannot be disbursed unless you have completed all four steps above. If you have difficulty, please contact the U.S. Department of Education Student Loan Support Center at 1-800-557-7394.

Other Ways to Finance Your Education

Alternative Loans:ÌýIf you have utilized all other forms of financial aid and still require additional funding for your educational costs, there are banks and other lending organizations that offer education loans. These loans require a credit check, and in some instances, you may need a cosigner. Loan terms will vary from lender to lender, so research multiple lenders, and review each loan's terms and conditions carefully before applying to ensure that you find the one that best meets your needs.

Federal Direct Loans typically offer lower borrowing costs and more favorable benefits tailored to undergraduate students and their families. Alternative loans should be considered after all federal loan eligibility is exhausted.

Federal Loan disbursement

Loans are disbursed in accordance with federal disbursement rules and the school’s disbursement schedule for each term.
After you have completed the necessary loan requirements, the Master Promissory Note (MPN) and entrance counseling, your federal loans will disburse to your student account once your term registration becomes official. This is usually within the first two weeks of the term.

Federal loans will be split evenly between all registered terms for the academic year. The amount of your federal loan will always be slightly more than the amount disbursed to your student account due to federal loan origination fees.

Federal loans will not be authorized/disbursed if a student is not enrolled in the appropriate number of credits.

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central record for student aid. It contains information from schools and guaranty agencies about the Direct Loan program as well as other federal aid programs. The NSLDS database provides students with a centralized view of their federal student loans and grants throughout the entire aid cycle from aid approval to disbursement to repayment (if applicable).

To view your NSLDS history, log into the Federal Student AidÌý.

Loan Exit Counseling

If you borrow a federal student loan, you must complete Exit Counseling each time you graduate, drop below half-time enrollment, or otherwise leave school. Exit Counseling provides you with important information to prepare you to repay your loans. Students who are required to complete counseling will receive an email notification from the Financial Aid Office.

Ìýcan be completed online and will take approximately 20-30 minutes to complete. If you have any questions as you complete the process, please contact the Financial Aid Office.