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2009-2010 Loan Limits And Terms
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Federal Direct Student Loans
Grade levels are defined by the number of credits successfully completed, not by the number of years in school. Freshmen and sophomores who advance a grade level at the end of a semester may request a loan increase for the following semester. Students who advance mid semester should contact Student Financial Aid Services.
Seniors graduating mid-year may receive full year loan eligibility depending on need and aggregate amount borrowed. Contact Student Financial Aid Services for consideration.
Annual Loan Limits: |
Dependent Students*
Total Subsidized /
Unsubsidized Loan Eligibility
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Independent Students
Total Subsidized/Unsubsidized Loan Eligibility
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1st Year
Undergraduates
(00-25 cr. hrs.) |
$3,500/$2,000
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2nd Year
Undergraduates
(26-57 cr. hrs.)
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$4,500/$2,000
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$4,500/$6,000
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3rd, 4th, or 5th year Undergraduates
(58+ cr. hrs.) |
$5,500/$2,000
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$5,500/$7,000
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Graduate or Law
Students |
n/a
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$8,500/$12,000
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| * These limits are lower because parents of dependent students may borrow additionally from the PLUS Loan Program for their students. (See below for more information.) |
Aggregate Limits:
$31,000 (Dependent, Undergraduate Borrowing Limits)
$57,500 (Independent, Undergraduate Borrowing Limits)
$138,500 (Including Graduate/Law & Undergraduate Borrowing Limits)
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Interest Rate:
For all new Direct Loans, both subsidized and unsubsidized, the interest rate is fixed at 6.8% for graduate students. For undergraduate students the interest rate for Direct Loan subsidized is fixed at 5.6% and unsubsidized is fixed at 6.8%. The interest rate is applied to the twelve month period beginning July 1st and ending June 30th and cannot exceed 8.25%. |
Fees:
A fee of 0.5% is charged on all subsidized and unsubsidized Direct Loans. |
Federal Direct PLUS Loans
| Annual Limits: |
Direct Plus Loans are limited to the difference between education cost minus other financial aid including the dependent student's Direct Loan Eligibility. |
| Aggregate Limits: |
There are no aggregate PLUS limits. |
| Interest Rate: |
For all new Direct PLUS Loans, the interest rate is fixed at 7.9%. The interest rate is applied to the twelve month period beginning on July 1st and ending June 30th and cannot exceed 9%. |
| Fees: |
A fee of 2.5% is charged on all Direct PLUS Loans. |
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