Federal Direct Loan Program for Students

The US Department of Education offers three different types of Federal Direct Loans depending upon your student type: Subsidized, Unsubsidized and PLUS (Graduate and Parent).

Undergraduate Direct Loans

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Enrolled at least half-time in degree program
  • Not in default on prior education loan
Annual Loan Limits
Grade Level Annual Maximums for Dependent Students Annual Maximums for Independent Students Maximum Amount that can be subsidized
Freshmen $5,500.00 $9,500.00 $3,500.00
Sophomore $6,500.00 $10,500.00 $4,500.00
Junior $7,500.00 $12,500.00 $5,500.00
Senior $7,500.00 $12,500.00 $5,500.00
Aggregate Life-time Amount $31,000.00 $57,500.00 $23,000.00
Post Baccalaureate $5,500.00 $12,500.00 $5,500.00

Note: The total annual limit may not exceed MCCN’s cost of attendance less other financial assistance you receive.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Graduate Direct Unsubsidized Direct Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Enrolled at least half-time in degree program
  • Not in default on prior education loan
Annual Loan Limits for Unsubsidized Loan
Grade Level Limit for Unsubsidized Loans Total
Graduate $20,500.00 $20,500.00
Aggregate Life-time Loan Limits $138,500.00 $138,500.00

Note: The total annual limit may not exceed MCCNs cost of attendance less other financial assistance you receive.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Graduate Direct PLUS Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Be a graduate or professional student
  • Satisfactory credit history

Annual Limit

Cost of Attendance minus other financial aid you are receiving.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Please note that in order to be considered for a graduate PLUS Loan, you must apply on-line at www.studentloans.gov.

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