William D. Ford Subsidized and Unsubsidized Loans

William D. Ford Federal Direct Loans are low-interest student loans available to undergraduate and graduate students who are enrolled at least half-time.

RepaymentBegins 6 months after you:
· GRADUATE,
· LEAVE THE UNIVERSITY, OR
· DROP BELOW HALF-TIME ENROLLMENT
Interest Rate Interest Rates fixed 7-1-16 to 6-30-17
· SUBSIDIZED DIRECT LOANS FOR UNDERGRADUATE STUDENTS HAVE A FIXED INTEREST RATE:
· JULY 1, 2016-JUNE 30, 2017 – INTEREST RATE IS FIXED AT 3.76%
· UNSUBSIDIZED DIRECT LOANS FOR UNDERGRADUATE
· JULY 1, 2016-JUNE 30, 2017 – INTEREST RATE IS FIXED AT 3.76%

UNSUBSIDIZED DIRECT FOR GRADUATE AND PROFESSIONAL STUDENTS:
· JULY 1, 2016-JUNE 30, 2017 – INTEREST RATE IS FIXED AT 5.31%.
Interest Direct Stafford Loan: The federal government pays the interest that accrues on the Direct Subsidized Stafford Loan until you enter repayment. Repayment begins 6 months after you cease being at least a half-time student.
Direct Unsubsidized Stafford and Plus Loans: The borrower is responsible for interest that accrues from the date the loan is disbursed. You may defer payment of this interest until you enter repayment. Interest continues to accrue and is capitalized when you enter repayment.
Fee/Rebate Fee: 1.069% is deducted from the Direct Subsidized and Unsubsidized Stafford loans proceeds.
Completion Requirements · ACCEPT THE LOAN
· COMPLETE A MASTER PROMISSORY NOTE (MPN).
· COMPLETE STUDENT LOAN ENTRANCE COUNSELING.
Credit Worthiness No collateral, credit check, cosigner, or endorser required. (Must not have a defaulted loan or an overpayment on a federal)
Direct Loan Debt Information available from: National Student Loan Data System
Annual Loan Limit*  Subsidized and/or Unsubsidized Additional Unsubsidized
Per year: $20,500
Dependent Undergraduates Whose Parents Accepted for PLUS
1st year: $3,500 / $2,000 N/A
2nd year: $4,500 / $2,000 N/A
3rd and 4th year: $5,500 / $2,000 N/A
Dependent Undergraduates Whose Parents not Accepted for PLUS
1st year: $3,500 / $2,000 $4,000
2nd year: $4,500 / $2,000 $4,000
3rd and 4th year: $5.500 / $2,000 $5,000
Independent Undergraduates
1st year: $3,500 / $2,000 $4,000.00
2nd year: $4,500 / $2,000 $4,000.00
3rd and 4th year: $5,500 / $2,000 $5,000
Graduate and Professional Students
*Annual loan limits cannot exceed the Cost of Attendance minus other financial aid.**All annual loan limits for undergraduates are subject to proration during the student’s last semester before graduation.

In addition to annual loan limits, the Direct Loan program has aggregate or lifetime limits.

Aggregate Limits Subsidized and/or Unsubsidized
Dependent Undergraduates $31,000 (no more than $23,000 may be subsidized)
Dependent Undergraduates
whose parent is not eligible to
borrow a Direct Parent PLUS Loan
AND
Independent Undergraduates
$57,500 (no more than $23,000 may be subsidized)
Graduate and Professional Students $138,500 (no more than $65,500 may be subsidized)