Federal Subsidized Direct Loans
These loans are guaranteed by the U.S. Department of Education. Eligible undergraduate students demonstrating financial need may borrow up to the following amounts in a given academic year: $3,500, 1st-year; $4,500, 2nd-year; and $5,500, 3rd- and 4th-year students. Interest does not accrue while the student is in school. Repayment with interest does not begin until six months after graduation.
Federal Unsubsidized Direct Loans
These loans are available to all eligible students, regardless of income or dependence. They have similar terms and conditions as Federal Subsidized Direct Loans, however students must pay interest during in-school and deferment periods. They may be as much as $6,000 for undergraduate years 1 and 2, $7,000 for undergraduate years 3 through 5, and $20,500 for graduate and professional students.
Federal PLUS Direct Loan & Federal Graduate PLUS Direct Loan
These credit-based, federally guaranteed loans allow graduate students and parents of dependent students to borrow up to the full cost of education, as determined by the Financial Aid Office, less other financial aid.