Federal student loans are offered to every student that files the FAFSA. The types and amounts of federal loans you're eligible for are determined by your need level and university grade level. Federal student loans have fixed interest rates, are deferred, and can be interest-free while you’re enrolled at least half time in a college/university.

Other actions
Options
Federal Direct Loans - Undergraduate Students
Amount
  • $5,500* first year (up to $3,500 subsidized)
  • $6,500* second year (up to $4,500 subsidized)
  • $7,500* other years (up to $5,500 subsidized)
Interest rate

  • 5.50% fixed rate (After July 1, 2023)
  • 6.533% fixed rate (After July 1, 2024)

Loan fee
  • 1.057% (on or after Oct 1, 2020)
Repayment
More information

Federal Student Aid website

*Independent students are eligible for an additional $4,000 unsubsidized loan per year.

Federal Direct Loans - Graduate Students

Unsubsidized Loan

Up to the cost of attendance, minus other financial aid.

Interest rate
  • 7.05% (After July 1, 2023)
  • 8.083% (After July 1, 2024)
Loan fee
  • 1.057% (on or after Oct 1, 2020)

Federal Direct PLUS Loan

Up to the cost of attendance, minus other financial aid.

Interest rate
  • 8.05% (After July 1, 2023)
  • 9.083% (After July 1, 2024)
Loan fee
  • 4.228% (on or after Oct 1, 2020)
Repayment
More information
Federal Student Aid website


Important terms: "subsidized" vs. "unsubsidized"

Subsidized loans
Under a subsidized loan, the government pays (subsidizes) the interest on the loan while you are enrolled at least half time in a college.
Unsubsidized loans
Under an unsubsidized loan, interest begins accruing as soon as the loan is disbursed into your student account. Payments on the loan (and interest) are deferred while you are enrolled at least half time in a college/university. However, during this time, interest is still accruing and is being added to the principal balance of the loan. You have the option to pay the interest as it accrues.