This loan is not based on financial need. A student who wishes to apply for the Direct Loan program and is not eligible based on financial need, or is only partially eligible, may apply for the full or balance of his/her eligibility through the unsubsidized loan program. There will be a fixed rate of 5.045 percent. The Direct Loan interest rates are subject to change in June 2019. There is also a Direct Loans origination fee of 1.066 percent for loans first disbursed after to October 1, 2017 (subject to change after September 30, 2018). The student is responsible for all in school interest, which can be capitalized at the end or paid through the enrollment periods. The interest rate for graduate students is 6.595% (subject to change in June, 2019).
If an undergraduate student is not eligible for any Direct Subsidized Loan, the maximum amounts available are: $5,500 for a first-year undergraduate student; $6,500 for a second-year student; $7,500 for a third or fourth-year student, and $20,500 for a graduate student. Independent undergraduate students and dependent undergraduate students whose parents are denied for a PLUS loan are eligible for an additional $4,000 for the first two years and $5,000 for the last two years.
Applications for this loan are made online through www.student loans.gov. Students must complete the Federal Direct Loan form and the Federal Master Promissory Note at lynn.edu/loans.