Eligibility for need-based loans is based on results of the Free Application for Federal Student Aid (FAFSA) and on receipt of other types of financial assistance, such as scholarships and grants.

Federal Direct Subsidized Loan | The Federal Direct Loan is subsidized by the Federal Government, which means the Federal Government pays the interest while the student is in school. Students need to complete the Free Application for Federal Student Aid to qualify for this program. The Federal Direct Loan is awarded based upon the financial need of the student. There is no priority deadline to qualify for this program. Students need to enroll at least half-time to be eligible for this program.

Federal Direct Unsubsidized Loan | The Federal Direct Unsubsidized Loan is not subsidized by the federal government. Therefore, the student is responsible for paying interest on the loan while they are in school. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). Students need to complete the Free Application for Federal Student Aid to qualify for this program. There is no priority funding deadline to qualify for this program. Students need to enroll at least half-time to be eligible for this loan.

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.
 

Year	Dependent Students (except students whose parents are unable to obtain PLUS Loans)	Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit	$5,500 - No more than $3,500 of this amount may be in subsidized loans.	$9,500 - No more than $3,500 of this may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit	$6,500 - No more than $4,500 of this amount may be in subsidized loans.	$10,500 - No more than $4,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit	$31,000 - No more than $23,000 of this amount may be in subsidized loans	$57,000 for undergraduates - No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students - No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Parents of dependent students may apply for a Federal Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. To be eligible for a Direct PLUS Loan for Parents:

• The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible.
• The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program.  Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married.
• The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.

The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, visit the Federal student aid eligibility page.

For a Direct PLUS Loan, the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN). The MPN is a legal document in which the borrower promises to repay the loan and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan. In most cases, one MPN can be used for loans that a parent receives over multiple academic years although a separate Loan Request must be filed for each school year. If the parent previously signed an MPN to receive an FFEL PLUS loan, he or she will need to sign a new MPN for a Direct PLUS Loan.

Complete the PLUS application and MPN online at www.studentaid.gov

The annual limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives.

For example, if the cost of attendance is $6,000 and the student receives $4,000 in other financial aid, the student's parent can request up to $2,000.

Repayment Plans-The Direct PLUS Loan Program for parents offers three repayment plans-standard, extended, and graduated-that are designed to meet the different needs of individual borrowers. The terms differ between the repayment programs, but generally, borrowers will have 10 to 25 years to repay a loan. To read more about repayment plans, go to Repayment Information.

To review the amount of loans you have borrowed while attending school, please visit studentaid.gov and visit your account dashboard and scroll down to the "My Loan Servicers" section or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
 
Entrance Loan Counseling | Before receiving a student loan, borrowers must complete an entrance counseling session. This quick and easy interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities You can complete this requirement at studentaid.gov and under 'Loans and Grants' click on 'Loan Entrance Counseling'; complete as Undergraduate.
 
Master Promissory Note | The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). Students can complete this requirement at studentaid.gov and under 'Loans and Grants' click on Master Promissory Note (MPN); complete as Undergraduate.
 
Exit Loan Counseling | Prior to graduating or leaving school, Direct Loan borrowers must complete exit counseling. The Direct Loan Exit Counseling will explain your rights and responsibilities as a Direct Loan borrower. Students can complete this requirement at studentaid.gov.

To log in to this site and complete these requirements, you will need the same FSA ID and password that you signed your FAFSA with.