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Undergraduate Loans

Student loans are borrowed money that you will need to repay after you leave school. If you are awarded a loan, you have the option to take out a smaller loan amount to reduce your future debt. Student loans are one of three types of financial aid students can qualify for.

Applying for student loans

The FAFSA that you submit is your single application for all three types of financial aid (grants, work-study and loans). Get more information on applying for financial aid and what happens next.

Taking out Direct Loans

Direct Loans (also called Stafford Loans or William D. Ford Federal Direct Loans) are offered at relatively low interest rates and with good repayment arrangements. Before you take out a loan, be sure to develop a budget to make sure you borrow only what you need.

For more information about student loan interest rates, repayment and more, visit the Department of Education. First-time borrowers will be required to complete entrance counseling and a Master Promissory Note (MPN).

Deadlines to request a Direct Loan

  • Fall: November 15
  • Spring: April 15
  • Summer: July 15

Factors that can impact Direct Loans

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  • If you are borrowing a Direct Loan, you may be awarded a subsidized or unsubsidized loan depending on your financial need. Learn how financial need is calculated.

    Subsidized

    Basis of Award: Student has financial need.

    What it means: Interest does not accrue while student is enrolled at least half-time.

    Please note: If you are a first-time borrower on or after July 1, 2013, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. For more information on the maximum eligibility period for Direct Subsidized Loans, visit StudentAid.gov.

    Unsubsidized

    Basis of Award: Student does not have financial need.

    What it means: Interest accrues while student is enrolled in school. You will receive quarterly interest statements on your unsubsidized loan from your lender. It is recommended that you pay this interest every quarter. If you do not, the interest will be added to your loan amount, which will result in owing interest upon interest.

    For current interest rate information, visit StudentAid.ed.gov.

  • Dependent Undergraduates

    First Year students

    • Subsidized loan limit: $3,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $5,500

    Second Year students

    • Subsidized loan limit: $4,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $6,500

    Third and Fourth Year students

    • Subsidized loan limit: $5,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $7,500

    Independent* Undergraduates

    First Year students

    • Subsidized loan limit: $3,500
    • Unsubsidized loan limit: $6,000
    • Total loan limit: $9,500

    Second Year students

    • Subsidized loan limit: $4,500
    • Unsubsidized loan limit: $6,000
    • Total loan limit: $10,500

    Third and Fourth Year students

    • Subsidized loan limit: $5,500
    • Unsubsidized loan limit: $7,000
    • Total loan limit: $12,500

    * Includes students whose parents are unable to borrow under the parent loan (PLUS) program.

  • Dependent Undergraduates

    • Subsidized loan limit: $23,000
    • Unsubsidized loan limit: $8,000
    • Total loan limit: $31,000

    Independent* Undergraduates

    • Subsidized loan limit: $23,000
    • Unsubsidized loan limit: $34,500
    • Total loan limit: $57,500

    * Includes students whose parents are unable to borrow under the parent loan (PLUS) program.

  • Students must begin repayment of their student loan once they do any of the following:

    • withdraw from school
    • drop below half-time status (fewer than 6 hours during a long semester)
    • graduate