The maximum cumulative (aggregate) subsidized and unsubsidized loan amount is $31,000 (no more than $23,000 of which may be Subsidized) for undergraduate study. Maximum annual loan amounts are set by federal statute and apply to the total combined subsidized and unsubsidized loan. Thus the net amount disbursed is less than the loan amount approved. This fee is deducted automatically from amounts borrowed. Department of Education and deducted from loans with first disbursement dates on or after Octoand before October 1, 2024. Origination FeeĪn origination fee of 1.057 percent is set by the U.S. An independent undergraduate may be eligible to borrow additional (F-Yr/So: $4,000, Jr/Sr: $5,000) Unsubsidized Direct Loan, provided they meet the federal criteria as an independent applicant for federal student aid. Additional Unsubsidized LoanĪ dependent undergraduate with a parent who has been credit denied on a Federal PLUS Loan may be eligible to borrow additional (F-Yr/So: $4,000, Jr/Sr: $5,000) Unsubsidized Direct Loan. Department of Education website for current graduate student loan limits. The interest rate for undergraduate Unsubsidized Loans with a first disbursement occurring after Jand prior to Jis 5.50%, fixed for the life of the loan. Students may elect to pay the interest or have it capitalized (added to the principal) and pay it during the repayment period. Interest is charged on an unsubsidized loan while the student is enrolled in school, beginning after the loan is fully disbursed. Tiered Rates for the Home Improvement Loan. The Unsubsidized Direct Loan is offered to students who do not qualify on the basis of calculated financial eligibility for a Subsidized Loan, or who qualify for only a portion of the Subsidized Loan annual limit. 25,000 minimum loan amount for 61 to 84 months and 30,000 minimum loan amount for 85 to 180 months. The interest rate for Subsidized Loans with a first disbursement occurring after Jand prior to Jis 5.50%, fixed for the life of the loan. Interest accrues starting after the 6-month grace period and throughout the repayment period. The Subsidized Direct Loan is offered to undergraduate students who demonstrate financial eligibility according to federal regulations. Federal Direct Loan Terms Subsidized Loan
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