Interest Rates for 2015-2016
Federal Direct Subsidized Loans – 4.66% Fixed
Federal Direct Unsubsidized Loans – 4.66% Fixed
Federal Direct Parent (of undergraduate students) Borrowers PLUS Loan – 7.21% Fixed
Federal Direct Direct Unsubsidized Loans 6.21% Fixed
Federal Direct Graduate PLUS Loans 7.21% Fixed
Aggregate loan limits for Direct loans (subsidized and unsubsidized) are $57,500 for undergraduate and $138,500 (including undergraduate loan amount) for graduates. You can review your federal loans at www.nslds.ed.gov using the same PIN you used for your FAFSA. You should consider the amount you have already borrowed when reviewing your new award letter. The money you borrow today can affect your financial future, so you should never borrow more money than is absolutely necessary to cover the cost of your education expenses.
Federal Graduate Plus Loans
If additional living expenses are needed, graduate students may apply through Direct Loans for a Grad Plus Loan. Once approved, the maximum amount of Grad Plus loan you may request is calculated by subtracting all other aid from your Cost of Attendance (COA). Graduate students who wish to take out a Grad Plus loan are advised to consult with the Financial Aid department for the loan amount you may request prior to applying. Graduate Plus loans have a 4.204% origination and default fees deducted before the funds are applied to your account.
Graduate students who had a Grad Plus loan accepted without an endorser last year and wish to take out another Grad Plus in 2015-2016 will need to go to studentloans.gov and complete the “Request a Plus Loan” form again. Since this is the credit check and is only good for 90 days, please wait until two months before the quarter begins to apply.
Graduate students who had a Grad Plus loan accepted with an endorser last year and wish to take out another Grad Plus loan will need to go to studentloans.gov, complete the “Request a Plus Loan” form again and if accepted then fill out the Promissory Note for a Grad Plus loan. If the Grad Plus loan is denied, you will again have to go thru the process of having an endorser apply. Since the credit check is only good for 90 days, please wait until two months before the quarter begins to apply for the Grad Plus loan.