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** 2012-13 Student Loan Updates **

       Loss of Subsidized Loan Eligibility for Graduate and Professional Students

Graduate and professional students are no longer eligible to receive Federal Direct Subsidized loans.  This is effective for loans made for loan periods on or after July 1, 2012.  The annual loan limit remains unchanged at $20,500.

       Termination of Direct Loan Borrower Repayment Incentives:

The Department of Education will no longer offer repayment incentives to Direct Loan borrowers, including any reduction in the interest rate or origination fee, effective for loans disbursed on or after July 1, 2012.  The law continues to allow the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically debited from a bank account.

        Increased Interest Rate for Federal Direct Subsidized Loans

Under the College Cost Reduction Act (CCRAA) of 2007 the interest rate on Direct subsidized loans made to undergraduate students was reduced in stages from 6.8% to the current 3.4%.  The reduced rate ends for loans first disbursed on or after July 1, 2012.  As a result, the interest rate for all Direct Loans made to undergraduate and graduate students will be fixed at 6.8%.

Federal Student Loans

       William D. Ford Direct Student Loan (Subsidized)

       William D. Ford Direct Student Loan (Unsubsidized)

       Federal Perkins Loan

Students are considered for Federal loans by completing the FAFSA. The Ford Direct Loan and Federal Perkins amounts for which a student is eligible will be included in the financial aid award package.

Direct Loan Subsidized/Unsubsidized Loan Limits

The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Federal Direct loans.

Complete Loan Entrance Counseling and Master Promissory Note ONLINE!

First-time* student loan borrowers MUST complete a Loan Entrance Counseling and/or Direct Loan Master Promissory Note (MPN). 

(* students who have not previously borrowed Ford Subsidized or Unsubsidized loans)

To complete the Loan Entrance Counseling  and Direct Loan MPN online, go to www.studentloans.gov .

If scholarships and grants are not sufficient to cover educational expenses, a loan may fill a student's remaining financial need. Student loans, unlike grants and scholarships, must be repaid, with interest. Students should be prudent in deciding the amount of money to borrow and carefully consider the amount they will have to repay over the years. There are various types of loans that students may consider.