Eligibility is based on other sources of financial aid received and a parental contribution factor.
Students and parents will borrow directly from the U.S. Department of Education. Award amounts are based on grade level, dependency status and budget. Dependent students who qualify for the subsidized loan are eligible for an additional unsubsidized loan of up to $2,000. Students who are not eligible for the subsidized loan may be eligible for an amount up to $5,500 for first year, $6,500 for second year and $7,500 for third and fourth years. 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. A graduate student can apply for up to $20,500 in an unsubsidized loan. There is a 1.057% origination fee charged by the federal government.
A graduate student can apply for up to $20,500 in an unsubsidized loan. This loan is not based on financial need. A student who wishes to apply for a Federal Direct Loan 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. Unsubsidized loans first disbursed on or after July 1, 2023, have a fixed rate of 5.50% for undergraduate students and 7.05% for graduate students. There is a 1.057% origination fee charged by the federal government. The student is responsible for all in school interest, which can be capitalized at the end or paid through the enrollment periods. For Federal Loans, students must apply no later than a week before the end of the current term for the term they are seeking aid.
Information on the application for the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.