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Loan Limits, Proration, Interest Rates and Loan Fees

Loan Limits

The amounts shown in the table below are the maximum amounts that you may borrow for an academic year, effective July 1, 2013. You might receive less than the maximum if you receive other financial aid that is used to cover a portion of your cost of attendance. The maximum amount that you may borrow will also be less in certain situations, such as if you are an undergraduate student enrolled in a program of study that is shorter than an academic year. Your school can refuse to certify your loan or can certify a loan for an amount less than you would otherwise be eligible for if the school documents the reason for its action and explains the reason to you in writing. The school’s decision is final and cannot be appealed to the U.S. Department of Education.

Academic Level Base Direct Loan Amount Subsidized & Unsubsidized Additional Unsubsidized Loan for Undergraduate Students Additional Unsubsidized Loan for Independent Undergraduates and Dependent Students with PLUS Denial Federal Direct Loan Lifetime Aggregate Maximum
Freshman
(0-23 cumulative hours)
$3,500 $2,000 $4,000

Dependent Undergraduate: $31,000
No more than $23,000 of this amount may be in Subsidized Loans.

 

Independent Undergraduate & Dependent Student with PLUS Denial: $57,500
No more than $23,000 of this amount may be in Subsidized Loans.

Sophomore
(24-47 cumulative hours)
$4,500 $2,000 $4,000
Junior and Senior
(48+ cumulative hours)
$5,500 $2,000 $5,000
All Eligible Post Baccalaureate & Students-at-Large pursuing a teachers certification $5,500 $2,000 $5,000
Graduate & Professional Prior to June 30, 2012 $8,500 $0 $12,000 Graduate & Professional: $138,500
No more than $65,500 of this amount may be in Subsidized Loans. The graduate debt limit includes Stafford Loans received for Undergraduate study.
Graduate & Professional with Loan Periods beginning after July 1, 2012 $0 $0 $20,500

Proration

If you are an undergraduate student who will graduate after the fall semester ends (for example, in December), your loan will be prorated based on your enrolled credit hours. This proration is required by the federal government.

Credit Hours/Semester Subsidized* Dependent
Unsubsidized
Independent
Unsubsidized or Plus Denial
21 $4,812 $1,751 $6,126
20 $4,583 $1,667 $5,834
19 $4,354 $1,584 $5,542
18 $4,125 $1,500 $5,250
17 $3,896 $1,417 $4,958
16 $3,667 $1,333 $4,666
15 $3,437 $1,251 $4,376
14 $3,208 $1,167 $4,084
13 $2,979 $1,084 $3,792
12 $2,750 $1,000 $3,500
11 $2,521 $917 $3,208
10 $2,292 $833 $2,916
9 $2,062 $751 $2,626
8 $1,833 $667 $2,334
7 $1,604 $584 $2,042
6 $1,375 $500 $1,750

*Subsidized loan amounts are subject to need analysis

**Loans for 5 hours or less will NOT disburse because they are not half time

***Any loans awarded are subject to lifetime aggregate limit review


Interest Rates

The following interest rates are fixed for the life of the loan:

First Disbursement Date of Loan Subsidized and Unsubsidized Loans Direct Parent PLUS Loan
July 1, 2014 - June 30, 2015 4.66% 7.21%
July 1, 2015 - June 30, 2016 4.29% 6.84%
July 1, 2016 - June 30, 2017 3.76% 6.31%
July 1, 2017 - June 30, 2018 4.45% 7.00%

View detailed charts of historical interest rates.

The following interest rates are fixed for the life of the loan:

First Disbursement Date of Loan Unsubsidized Loan Graduate PLUS Loan
July 1, 2014 - June 30, 2015 6.21% 7.21%
July 1, 2015 - June 30, 2016 5.84% 6.84%
July 1, 2016 - June 30, 2017 5.31% 6.31%
July 1, 2017 - June 30, 2018 6.00% 7.00%

View detailed charts of historical interest rates.


Loan Origination Fees

The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed.

First Disbursement Date of Loan Subsidized and Unsubsidized Loans Direct PLUS Loans (Parent and Grad)
December 1, 2013 - September 30, 2014 1.072% 4.288%
October 1, 2014 - September 30, 2015 1.073% 4.292%
October 1, 2015 - September 30, 2016 1.068% 4.272%
October 1, 2016 - September 30, 2017 1.069% 4.276%
October 1, 2017 - September 30, 2018 1.066% 4.264%