Loans

Federal Direct Subsidized Loans
Federal education loans that eligible undergraduate students can borrow from the U.S. Department of Education. These loans meet the student’s federally defined need up to annual and aggregate limits determined by the borrower’s class standing and degree program. Undergraduates can borrow up to $3,500 for their first year, up to $4,500 for their second year, and up to $5,500 for each of their third and fourth years. No interest accrues on these loans while the borrower maintains at least half-time enrollment. Interest will accrue at a fixed rate when the loan enters repayment.

Federal Direct Unsubsidized Loans
Federal education loans that eligible undergraduate and graduate students can borrow from the U.S. Department of Education. These loans can meet or exceed the student’s federally defined need up to annual and aggregate limits determined by the borrower’s degree program. Dependent undergraduates can borrow up to $5,500 for their first year, up to $6,500 for their second year, and up to $7,500 for each of their third and fourth years – minus the amount of Federal Direct Subsidized Loan for which they qualify. Independent undergraduates can borrow up to an additional $4,000 for each of their first two years, and up to an additional $5,000 for each of their third and fourth years. Most graduate students can borrow up to $20,500 each year. Doctoral students in optometry, clinical psychology, and pharmacy, and students in the Master’s in Health Care Administration program, can borrow additional amounts specific to their program. Interest begins to accrue on these loans at a fixed rate when they are disbursed. Repayment begins six months after the student ceases to be enrolled at least half-time.

Federal Direct PLUS Loans
Federal education loans that credit-worthy graduate students and parents of dependent undergraduates can borrow from the U.S. Department of Education. These loans can meet or exceed the student’s federally defined need. Borrowers can apply for up to the entire cost of attendance minus financial aid received. Interest begins to accrue on these loans at a fixed rate when they are disbursed. Repayment typically begins 60 days after the loan has been fully disbursed, but can be deferred while the student is enrolled at least half-time.

Health Professions Student Loans (HPSLs)
federal education loans that eligible optometry and pharmacy students can borrow based on a program-specific definition of their need and on fund availability. Students must provide parent information and signatures on their FAFSAs, even though they are considered independent for other financial aid purposes, to be considered for these loans. No interest accrues on these loans while the borrower maintains at least half-time enrollment and for a 12-month grace period after he or she ceases to be enrolled at least half-time. Interest will begin to accrue at a fixed rate of 5% when the loan enters repayment after the grace period ends.