Direct Loans
The William D. Ford Federal Direct Loan Program provides low interest loans (4.5% for Direct Subsidized and 6.8% for Direct Unsubsidized). Students must first complete the Free Application for Federal Financial Aid. If the student is eligible for a Direct Loan, he/she will be notified with a financial aid award notice. First time borrowers must complete entrance loan counseling and sign the necessary forms and promissory note.
- Direct Subsidized Loan
- Must demonstrate financial need
- Not based on credit
- Repayment begins 6 months after ceasing half-time enrollment
- Maximum award: $3,500
- Direct Unsubsidized Loan
- Non-need based
- Not based on credit
- Repayment begins 6 months after ceasing half-time enrollment
- Maximum award: $3,500 for dependent students; $9,500 for independent students.
- Direct PLUS Loan (for Parents)
- Non-need based
- Based on credit
- Repayment begins 60 days after last disbursement is made.*
- Maximum award: Cost of attendance less any other financial aid received.
*However, repayment can be deferred while student for whom the loan was obtained is enrolled at least half-time and for an additional 6 months after the student ceases half-time enrollment.
How Do I Get a Direct Student Loan?
Step 1- Do you have your Federal PIN?
Yes, I already have a PIN, but I have forgotten what it is and I need to retrieve it now.
No, I have never had a Federal PIN and I need to get a new PIN now.
Not exactly sure... what is a Federal PIN and why would I need one?
Step 2- Application for Direct Student Loans
A Direct Student Loan is a form of financial aid that requires students to first complete the FAFSA form and be admitted and enrolled at least half-time in an eligible program. The FAFSA serves as the "application" for the student loan.
Begin FAFSA Application Process Now
Step 3- Entrance Counseling
This interactive counseling session will help you to understand the responsibilities that come with your student loan. This is required for all first time borrowers and must be completed prior to student receiving their loan monies.
Begin Entrance Counseling Process Now
Step 4- Master Promissory Note
An MPN is a legally binding contract you sign, agreeing to repay the Direct Loan money you have borrowed. This must be done prior to any monies being disbursed. Note: Your Federal PIN is needed as a signature for your MPN (see step 1).
Begin Master Promissory Note Process Now
Step 5- Exit Counseling
When you graduate, or drop below half-time attendance, you are required to complete exit counseling. This interactive counseling session will help you plan for the repayment of your student loans.
Begin Exit Counseling Process Now