Loan Limits, Repayment, & Interest Rates

 Direct Loan Limits

Grade Level Dependent Students
(excluding students whose parents cannot borrow PLUS)
Independent Students
(including dependent students whose parents cannot borrow PLUS)
Freshman   (0-26 units) $3,500 + $2,000 additional Unsubsidized loan amount $9,500 ($3,500 may be Subsidized)
Sophomore (27-56 units) $4,500 + $2,000 additional Unsubsidized loan amount $10,500 ($4,500 may be Subsidized)
Junior/Senior (57+ units) $5,500 + $2,000 additional Unsubsidized loan amount $12,500 ($5,500 may be Subsidized)
Credential $5,500 $12,500 ($5,500 may be Subsidized)
Graduate $20,500 Unsubsidized

 

Loan Type 2013-2014 Interest Rate Origination Fee
Perkins Loan 5% Fixed None
Subsidized & Unsubsidized Direct Loan (undergraduates) 3.86% Fixed
  • 7/1/13-11/30/13: 1.051%
  • 12/1/13-6/30/14: 1.072%
Unsubsidized Direct Loan (Graduate) 5.41% Fixed
  • 7/1/13-11/30/13: 1.051%
  • 12/1/13-6/30/14: 1.072%
Parent & Graduate PLUS Loan 6.41% Fixed
  • 7/1/13-11/30/13: 4.204%
  • 12/1/13-6/30/14: 4.288%
Private Loans Contact your lender for more information

*The origination fee is the amount of money that is deducted from the original loan amount. This is a portion of the loan that is removed prior to the aid being applied to the student account. Interest rates and origination fees are subject to change on July 1, 2014 for any loan originated after July 1, 2014. View an expanded interest rate chart courtesy of USAFunds.

Compare PLUS and Private loans.

Maximum Aggregate Borrowing Limits

Dependent Undergraduate Student $31,000
(Maximum $23,000 Subsidized)
Independent Undergraduate Student $57,500
(Maximum $23,000 Subsidized)
Graduate Student (including undergraduate loans) $138,500

Repayment

Repayment on Direct Loans begins six months after a student graduates, withdraws, leaves school, or drops below half-time status. View a repayment estimator chart courtesy of USAFunds.

Parent & Graduate PLUS Loans

Interest begins to accrue after the first disbursement, and payment of principal and interest begins sixty (60) days after the final disbursement. For Parent PLUS loans: this loan is in the parent’s name. The parent is responsible for payments. Various deferment options are available. Please read the application carefully when applying to choose the correct option for you/your family.