The US Department of Education offers three different types of Federal Direct Loans depending upon your student type: Subsidized, Unsubsidized and PLUS (Graduate and Parent).
Undergraduate Direct Loans
Eligibility Requirements
- U.S. Citizen or permanent resident
- Enrolled at least half-time in degree program
- Not in default on prior education loan
| Grade Level | Annual Maximums for Dependent Students | Annual Maximums for Independent Students | Maximum Amount that can be subsidized |
|---|---|---|---|
| Freshmen | $5,500.00 | $9,500.00 | $3,500.00 |
| Sophomore | $6,500.00 | $10,500.00 | $4,500.00 |
| Junior | $7,500.00 | $12,500.00 | $5,500.00 |
| Senior | $7,500.00 | $12,500.00 | $5,500.00 |
| Aggregate Life-time Amount | $31,000.00 | $57,500.00 | $23,000.00 |
| Post Baccalaureate | $5,500.00 | $12,500.00 | $5,500.00 |
Note: The total annual limit may not exceed MCCN’s cost of attendance less other financial assistance you receive.
Interest Rate/Fees
Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)
Source: U.S. Department of Education
Graduate Direct Unsubsidized Direct Loan
Eligibility Requirements
- U.S. Citizen or permanent resident
- Enrolled at least half-time in degree program
- Not in default on prior education loan
| Grade Level | Limit for Unsubsidized Loans | Total |
|---|---|---|
| Graduate | $20,500.00 | $20,500.00 |
| Aggregate Life-time Loan Limits | $138,500.00 | $138,500.00 |
Note: The total annual limit may not exceed MCCNs cost of attendance less other financial assistance you receive.
Interest Rate/Fees
Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)
Source: U.S. Department of Education
Graduate Direct PLUS Loan
Eligibility Requirements
- U.S. Citizen or permanent resident
- Be a graduate or professional student
- Satisfactory credit history
Annual Limit
Cost of Attendance minus other financial aid you are receiving.
Interest Rate/Fees
Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)
Source: U.S. Department of Education
Please note that in order to be considered for a graduate PLUS Loan, you must apply on-line at studentloans.gov.