Federal Student Loans
Loans are a resource to assist in paying for the costs of going to college in which a student or parent borrows money that must be repaid. Student loans are a type of financial aid and subject to many of the same criteria as all other federal aid programs. It is important to remember that student loans must be repaid.
To receive a student loan at SUSLA, students must complete the FAFSA, enroll in at least 6 credit hours, and be maintaining Satisfactory Academic Progress.
All student loans available are through the Federal Direct Loan Program. Direct loans include Stafford Loans borrowed by the student and Parent PLUS loans borrowed by the parent of a dependent student. For additional information regarding the Federal Direct Loan Program visit www.StudentLoans.gov.
|
Direct Loans Interest Rates Federal Direct Student Loan Rates |
|
|---|---|
| Direct Subsidized and Unsubsidized Loans |
4.29% |
| Direct PLUS Loans for Parents of Undergraduate Students | 6.84% |
| Direct Loans Annual Loan Limits | Base Subsidized Amount | Additional Unsubsidized |
|---|---|---|
| Grade Level | ||
| 1st Year Dependent | $3,500 | $2,000 |
| 2nd Year Dependent | $4,500 | $2,000 |
| 1st Year Independent | $3,500 | $6,000 |
| 2nd Year Independent | $4,500 | $6,000 |
Steps to Apply for a Federal Direct Student Loan
The first step to apply for a Federal Direct Stafford Student Loan Fall and/or Spring is to complete an application. All first-time borrowers must complete Entrance Counseling and a Master Promissory Note.
Direct Parent PLUS Application
Complete Entrance Counseling & Master Promissory Note(MPN)
Ways to Manage Student Loans
Please visit the National Student Loan Data System, NSLDS, to view your current loan amounts.