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Anticipated Disbursement Schedules for 2012-2013
Anticipated Disbursement Schedules for 2013-2014
At the time of disbursement you must be
enrolled and attending as a half-time student (6 credit hours for
undergraduate and 5 credit hours for graduate).
Direct Loans:
Direct Subsidized Loans
Low interest loan that must be repaid and is based on financial need and grade level. Students must be enrolled part-time (6 semester hours for undergraduate students and 5 semester hours for graduate students) . The government pays the interest for the student while they are in school.
Direct Unsubsidized Loans
Not based on need. Unlike the Subsidized loan, students (not the government) are responsible for paying the interest while in school, during the six-month grace period, and during periods of authorized deferment. Loan repayment begins 6 months after you leave school at variable interest rates with up to 10 years to repay.
Direct Loan Maximums(1) | Annual Limits | ||
Dependent Undergraduates(2) | Subsidized | Total (Subsidized and Unsubsidized)(3) | |
| First Year | 3,500 | 5,500 | |
| Second Year | 4,500 | 6,500 | |
| Third Year and Beyond | 5,500 | 7,500 | |
Independent Undergraduates | |||
| First Year | 3,500 | 9,500 | |
| Second Year | 4,500 | 10,500 | |
| Third Year and Beyond | 5,500 | 12,500 | |
| Graduate and Professional Students | 8,500 | 20,500 | |
- Certain health professional students may qualify for higher limits.
- All undergraduate annual loan limits agree subject to proration.
- If the borrower does not show financial need for a Direct Subsidized Loan, or has reached their aggregate limit in Direct Subsidized Loans, the borrower may receive up to this entire amount in Direct Unsubsidized Loans assuming he or she has remaining eligibility for the loan.
Direct PLUS Loans
Credit based loans for parents who may borrow up to the cost of attendance per year, for each child who is a dependent undergraduate student and is enrolled at least part-time. With a fixed interest rate of 8.5% accrual begins at disbursement. Repayment starts 60 days after the first loan check has been disbursed. For more information regarding a Direct PLUS Loan, please go to Federal Student Aid's Direct Loans information for Parents website. Before we can originate a PLUS loan, the student must have a completed FAFSA on file.
Direct Graduate PLUS Loans
Credit based loans for graduate students enrolled at least half-time (in at least 5 credit hours a semester). They may borrow up to the cost of attendance minus all other financial aid received. With a fixed interest rate of 8.5% accrual begins at disbursement. Repayment starts 60 days after the first loan check has been disbursed. Before we can originate a Graduate PLUS loan, the student must have a completed FAFSA on file and already applied for the maximum eligibility of Direct Subsidized/Unsubsidized Loans. To apply, you may go to StudentLoans.gov.
Private (Alternative) Loans
Non-need based programs designed to assist in educational and living expenses based on a student's credit history.