Direct Loan Program

A federal subsidized and unsubsidized loan program are available to most students who file a FAFSA. Maximum loan amounts are $5,500 (no more than $3,500 may be subsidized) for freshmen, $6,500 (no more than $4,500 may be subsidized) for sophomores, and $7,500 (no more than $5,500 may be subsidized) for juniors and seniors. The maximum loan amount for a graduate student is $20,500. Effective loan interest rates for the 2023-2024 academic year: Subsidized loans, 5.50%; Unsubsidized, 5.50%; Graduate loan interest rates: 7.05%. Repayment of the interest and principal begins six months after graduation or enrollment ceases. An Entrance Interview and Exit Interview are also required for any student receiving a Direct Loan. To apply for a Direct Loan, students must complete the FAFSA online at www.studentaid.gov. Entrance and Exit Interviews must be completed online at www.studentaid.gov.