Federal student loans
If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest. Loans currently offered by the federal government include:
| Federal loan program |
Loan details
(subject to change) |
Annual award
(subject to change) |
| Direct Subsidized Loan |
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 4.99%
- You’re not usually charged interest on the loan during certain periods, such as when you’re in school at least half-time
|
|
| Direct Unsubsidized Loan |
- For undergraduate, graduate, and professional degree students; financial need isn’t required
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is:
- 4.99% for loans made to undergraduate students
- 6.54% for loans made to graduate and professional degree students
- You’re responsible for paying the interest during all periods
|
- Up to $20,500 (less any subsidized amounts received for same period) depending on grade level and dependency status*
- For total lifetime limit, visit the Student Aid website.
|
| Direct PLUS Loan |
- For parents who are borrowing money to pay for their dependent undergraduate child’s education, and for graduate or professional degree students; financial need is not required.
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 7.54%
- You must not have an adverse credit history (unless you meet certain additional eligibility requirements)
|
- Maximum amount is the cost of attendance (determined by the school) minus any other financial aid the student receives.
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For up-to-date federal student loan rates and information, visit the Federal Student Loan Programs Page.
This information can also be found in pdf version on the Student Aid website.
