Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.

The fixed interest rate will depend on when the loan was disbursed. Additionally, a loan origination fee will be applied and deducted from the loan payout.

Direct Unsubsidized Loans are loans made to eligible undergraduate students where eligibility is not based on financial need. The fixed interest rate depends on when the loan was disbursed. Additionally, a loan origination fee will be applied and reduced from the loan payout.

This loan is made to parents of dependent students for their educational expenses. Repayment begins 60 days after the final disbursement; however, parents can request a deferment while the student is enrolled at least half time. As a parent, you will have to log in with your FSA ID and then you can complete the PLUS Loan application. A credit check will be performed after you submit an application. PLUS loans are in the parent's name and the repayment is the parent's responsibility.

In addition to an interest rate, the loans have origination fees. These are deducted before disbursal and is why your amount that is sent to you is slightly less than the amount on your award letter. Get current interest rate and loan fee information.

Apply for a PLUS Loan.

Direct Loan amounts are determined by the number of earned credits at the time of awarding.

• Students who have earned fewer than 30 credits are awarded a base loan of $3,500, which may be subsidized or unsubsidized depending on need.
• Students who have earned 30 or more credits are eligible for $4,500.

In addition, dependent students are awarded $2,000 in Unsubsidized loan, and independent students are awarded $6,000.  These amounts are subject to previous borrowing at other colleges, lifetime limits, the individual student’s financial need, and the Schedule of Reductions (see below).

If additional credits are earned after the award has been made, and additional loan funds are requested, the Financial Aid Office will evaluate any additional eligibility at the student’s request.

Congress passed a law last year that changes the amount of federal student loans that part-time students can borrow. This is called the Schedule of Reductions. The amount of federal student loans offered to you is the maximum amount if you are full-time, which for most students is defined as enrolled in 12 credits fall and spring semesters, or 24 credits total. For students in summer-required programs, to receive the maximum amount you would need to be enrolled in 12 credits fall, spring and summer semester, or 36 credits total. If you enroll less than full-time, you will receive a reduced loan amount. 

After you have registered for a semester, we will determine your annual loan limit based on your enrollment level. For fall term, we look at the number of credits you are enrolled in and then assume you will have the same number in spring (and summer if you’re in a summer-required program). If that number is less than 24 (or 36 if you’re in a summer-required program), we must reduce your loan amount.  

If you drop or add classes before the loan is disbursed – disbursed means sent to you - we will adjust your loan amounts and send you an email to let you know there’s been a change. After the loan has been disbursed, we will not make any changes to the amount sent to you.  

If you drop classes, that could reduce future loan amounts.  

Example:  

Ben is a first-year student, registered for 12 credits for fall term. Ben has accepted a $9,500 unsubsidized loan, $4,750 in the fall and $4,750 in the spring. He is eligible for the full amount because he is full-time.  

Ben gets $4,750 in loan funds for fall term, but he drops his two classes after disbursement. Ben can keep the full $4,750 because he was full time at the time of disbursement. 

Ben completed 6 credits in the fall and is registered for 6 credits in the spring term for a total of 12 credits. Full time for the year is 24 credits, so he has a Schedule of Reductions (SOR) percentage of 50%. He is now only eligible for 50% of the $9,500 loan, which is $4,750. He received $4,750 in the fall already, so he is not eligible for any loan funds for the spring term.  

Important facts to note:  

• You should also know that this is the best information we have right now. The U.S. Department of Education (ED) is still providing updates about these changes. These updates may require us to change your financial aid offer. 
• We encourage you to make an appointment with your Financial Aid Advisor to go over your specific situation.

In accordance with federal law, please note that first-time borrowers must be enrolled for 30 days from the start of the term, in addition to completing the Master Promissory Note and Entrance Counseling session, before they are eligible to receive the loan funds. 

Also, the funds will be divided into two disbursements; the first disbursement will be issued after 30 days from the start of the term and will be credited towards tuition first with the remaining funds going to the student. The remaining payment will be issued halfway through the loan period.

For example, if the loan period is for fall only, it will be issued halfway through that term. If the loan period is for fall and spring, the remaining payment will be issued at the beginning of the spring term.

Any tuition debt will be paid first with the remaining funds going to the student. If a student has completed all steps necessary to activate their loan, they can use any remaining balance at the bookstore for course materials.