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Federal Direct Student Loans: What You Need to Know

Subsidized vs. Unsubsidized: What’s the difference?

• Subsidized: The government pays your interest while you’re in school (at least half-time) and during your grace period. This is based on financial need.
• Unsubsidized: You are responsible for all interest from the moment the loan is paid out.
• How to Qualify: Your FAFSA determines which one you get.

How to Apply

• File your FAFSA: This is the first step every academic year. Visit .
• Complete the Essentials: Head to to sign your Master Promissory Note (MPN) and complete Entrance Counseling.

Note: You usually only need to sign the MPN once during your time here.

Eligibility & Deadlines

• No credit check required.
• Enrollment: You must be enrolled at least half-time (6 credits for undergrads; 3 credits for grad/doc) to receive your funds.
• Deadline: All steps (accepting the loan, MPN, and counseling) must be finished by the last day of the semester.

Rates and Limits

• Interest & Fees: Rates change annually based on when the loan is first paid out.
• Loan Limits: How much you can borrow depends on your grade level and total earned credits.

Repayment & Counseling

• When do I pay? Repayment begins 6 months after you graduate, withdraw, or drop below half-time enrollment.
• Plan ahead: You have 10–25 years to pay it back, but you can pay early without any penalties.
• Mandatory Counseling: You must complete Entrance Counseling before your first loan arrives and Exit Counseling before you graduate or leave the university.

Want to change your loan amount? You can request to reduce or cancel your loan at any time!

The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available to parents of dependent undergraduate students who want to borrow funds to help pay for educational costs.  Learn more information about .

Application: The parent may apply online.  Parent borrowers applying for the loan will complete the Federal Direct PLUS Loan Master Promissory Note Application (PLUS MPN).  A parent borrower using the PLUS MPN will usually need only to sign a promissory note once for each student, at the time they first borrow.  To request additional funding in the same or subsequent years, the parent borrower may do this online.  

Deadline: Federal Direct PLUS Loan applications must be certified by the Office of Financial Aid by the last day of the semester.  In order for the loan to be disbursed, the parent borrower must complete all steps of the PLUS Application Process at least one day prior to the end of semester.  The student must be enrolled at least half-time at the time of disbursement.

Eligibility: Credit worthiness is required for this loan.  General eligibility requirements must be satisfied by the student to receive Federal Direct PLUS Loan assistance. In addition, the student must be enrolled on at least six undergraduate credits in the semester for which the loan is for. 

Parent borrowers must be the dependent student's biological parent or adoptive parent.  A stepparent is also eligible to borrow a PLUS loan only if their income and assets were used on the dependent student's Free Application for Federal Aid.  A legal guardian is not considered an eligible borrower.  Both parents may receive a PLUS loan as long as the total aid package does not exceed the student's cost of attendance.   In addition, the borrower must be a citizen or eligible non-citizen, not in default on a federal student loan, not owe a refund on any federal student aid program and is credit worthy.  A parent is not eligible for a PLUS loan if the federal government holds a judgment lien on their property, they are incarcerated, or they are in default or have an over payment of federal aid.

Loan Limits per Academic Year:  The maximum parents may borrow in Federal Direct PLUS Loan per academic year $20,000 per student with a lifetime limit of $65,000 per student. 

Interest Rate/Fees:  Rates vary depending upon when the loan was first disbursed.  Get current rate information.

Loan Reductions/Cancellations: The parent borrower may request the Federal Direct Student Loan be reduced or canceled. Get more information to reduce/cancel loan.

Repayment:  Parents may choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half-time.  Accruing interest may either be paid by the parent borrower monthly or quarterly or be capitalized quarterly.  A parent may take between 10 and 25 years to repay the loan, depending upon the amount owed and the type of repayment plan selected.  Parents may also pay the balance of the loan, plus any interest due, early and without a penalty.

GRAD PLUS loans end July 1, 2026 under the One Big Beautiful Bill (OBBB) 

Note: Students who’ve already started taking out Grad PLUS loans will able to continue to borrow as long as you’ve taken out a Grad PLUS loan before July 1, 2026, you can keep borrowing through the program for three more years, or until your program ends—whichever comes first. There will be limited federal caps.

Federal Direct GradPLUS Loans are available to graduate and doctoral students who have exhausted their Federal Direct Student Loan eligibility in an academic year.

Get more information on .

Application: The student may apply online.  The student will complete the Federal Direct PLUS Loan Master Promissory Note Application (PLUS MPN).  A borrower using the PLUS MPN will usually need only to sign a promissory note once, at the time they first borrow.  To request additional funding in the same or subsequent years, the student borrower may do this online. 

Deadline:  Federal Direct GradPLUS Loan applications must be certified by the Office of Financial Aid by the last day of the semester.  In order for the loan to be disbursed, the student must complete all steps of the GradPLUS Process at least one day prior to the end of the semester.  The student must be enrolled at least half-time at the time of disbursement.

Eligibility:  Credit worthiness is required for this loan.  General eligibility requirements must be satisfied by the student to receive Federal Direct GradPLUS Loan assistance.  In addition, the student must be enrolled at least half-time (three credits per semester) in a degree graduate/doctoral program.   The student must first exhaust Federal Direct Student Loan eligibility.

Loan Limits per Academic Year:  The maximum the student may borrow in Federal Direct GradPLUS Loan per academic year is the difference between cost of education minus other financial aid received.

Interest Rate/Fees:  Rates vary depending upon when the loan was first disbursed.  Get current rate information.

Loan Reductions/Cancellations:  The student may request the Federal Direct GradPLUS Loan be reduced or canceled. Get more information to reduce/cancel loan.

Repayment:  Federal Direct GradPLUS Loan repayment for both the principal and the interest generally begins within 60 days after the loan is fully disbursed.  There is no grace period for these loans.  This means interest starts to accrue as soon as the first disbursement is made.  The student may qualify for an in-school deferment as long as they are enrolled at least on a half-time (six credits per semester) basis.  A student may take between 10 to 25 years to repay the loan, depending upon the amount borrowed and the type of repayment plan selected.  Students may also pay the balance of the loan, plus any interest due, early and without a penalty.

Loan Counseling:  Federal regulations require that first time Federal Direct GradPLUS Loan recipients must complete entrance counseling requirements before receiving their loan funds. Federal regulations also require a student to complete exit counseling prior to graduation or at the time a student either drops to less-than half-time enrollment or withdraws from the university.  Get more information on counseling.

Check with your state's Higher Education Agency for any loan programs that may be available to you.

Applying With the Correct Loan Term (Semester)

When applying for a loan, please make sure you are applying with the correct loan term. In most cases loans funds will be split evenly between the semesters based on the loan term that is requested. For example, if you submit a loan for $10,000 and indicate the term of the loan as August to May, $5,000 will be disbursed in fall semester and $5,000 will be disbursed in spring semester.  Please note that the loan funds may be possibly split unequally between semesters based on other aid you are receiving and differences in enrollment between semesters.

Private Educational Alternative Loans are non federal loans that are available through various lenders. We encourage student borrowers to carefully compare and review these loans for the best available option. Students are encouraged to contact the Office of Financial Aid prior to pursuing Private Educational Alternative Loans.  

• Compare the benefits of borrowing a Federal Direct Student Loan before a Private Educational Alternative Loan.
• Compare the benefits of borrowing a Federal Direct PLUS Loan before a Private Educational Alternative Loan.
• Compare the benefits of borrowing a Federal Direct GradPLUS Loan before a Private Educational Alternative Loan.

We recognize that you have many choices when considering a loan, however, we are unable to recommend lenders. To assist you, we have provided information on lenders who have made loans to our students. The lenders are listed in random order. This is not an all-inclusive listing. You are not in any way required to use any of the lenders listed.  The list of lenders may be found at ELMSelect.

Applying With the Correct Loan Term

When applying for a loan, please apply with the correct loan term (this means the correct loan date for the semester/semesters you are wishing to take the loan). In most cases loans funds will be split evenly between semesters based on the loan term that is requested. 

For example, if you submit a loan for $10,000 and indicate the term of the loan as August to May, $5,000 will be disbursed in fall semester and $5,000 will be disbursed in spring semester. Please keep in mind loan funds may be possibly split unequally between semesters based on other aid you are receiving and differences in enrollment between semesters as required by federal regulations. 

• Complete the FAFSA (Free Application for Federal Student Aid) to apply. No separate application is required.
• Be an undergraduate student who is pursuing your first bachelor's degree.
• Meet general eligibility requirements.
• Available for the equivalent of twelve full-time semesters.
• Eligibility may differ from year to year.

• Complete the FAFSA (Free Application for Federal Student Aid) to apply. No separate application is required.
• You must have exceptional financial need to receive as determined by the FAFSA.
• Be an undergraduate student who is pursuing your first bachelor's degree.
• Meet general eligibility requirements.
• Available for the equivalent of twelve full-time semesters.
• Eligibility may differ from year to year.

The TEACH Grant is a non-need-based program that provides up to $4,000 per year to students who meet the eligibility requirements.  An undergraduate student may receive up to $16,000 for completion of a first bachelor’s degree program and first post-baccalaureate program of study combines.  A graduate student is eligible to receive up to $8,000 during the period required to complete an eligible master’s degree program.  The Budget Control Act of 2011 put into place budget cuts that require a reduction in TEACH Grant award amounts.  

To be eligible for a Teach Grant at �鶹ֱ��, a student must complete the TEACH Grant Application as well as meet the eligibility requirements outlined on the application.  Once it has been determined that a student meets all criteria for eligibility, they must complete a counseling session as well as an “agreement to serve/promise to pay”. By signing this agreement, the student acknowledges an understanding of the terms of the grant and the terms of the teaching service requirements. Upon graduation, the student must teach full-time for at least four years within eight years of completing his or her program as a highly qualified teacher at a Title I school in a high needs field. If these conditions are not met, the grant must be repaid as an unsubsidized Direct Student Loan, with interest calculated from the date(s) of original disbursement.

For Pennsylvania Residents

• Complete the FAFSA by May 1, 2026 (For 2026-2027 Academic Year).  PHEAA will be sending students an email with PA State Grant information.
• Visit the PHEAA website for eligibility requirements.
• Pennsylvania State Grants are also available for summer. Visit the PHEAA website for more information, instructions, and to apply.

For Non-Pennsylvania Residents

may be available to out-of-state students from your home state. We encourage you to investigate the availability of such financial assistance.

Professional Experience Grants (PEGs) provide money for the big experiences that'll give you the transferrable skillset employers look for and build confidence in your life after college! While you're earning your degree, consider a professional career experience that'll help you practice what you've learned, navigate unfamiliar places, and build a network.

Learn more about Professional Experience Grants