Federal Direct Loan Federal Direct loan available for financing your education at EWU http://www.ewu.edu/admissions/financial-aid/loans/direct en-us Thu, 24 Jul 2014 20:01:42 UTC Thu, 24 Jul 2014 20:01:42 UTC webmaster@ewu.edu webmaster@ewu.edu

Federal Direct Loan

Federal Direct loan available for financing your education at EWUloans, student loans, federal direct loan

 

Major changes were made to the Direct Loan programs on July 1, 2012.  Please click the following links for details:

The Federal Direct loans are loans borrowed by the student. Funding for the loan comes from the U.S. Department of Education. Direct loans are divided into two types: subsidized and unsubsidized.

Direct Subsidized Loan

Qualification for the Direct Subsidized Loan is based on financial need as determined by the FAFSA. The federal government pays the interest on this loan during periods of half-time attendance or more, and for periods of authorized deferment.  Beginning July 1, 2012, subsidized loans will be available to undergraduates only and the loans will not be subsidized during the six month grace period. 

Direct Unsubsidized Loan

Direct Unsubsidized Loans are not based on need, but the amount for which you are eligible may vary depending on the results of the FAFSA and the amount of your other aid. Interest starts accruing from the first disbursement and continues until the loan is paid in full. Interest payments are not required while the student is in school at least half-time, but can be paid by choice without penalty. Interest is capitalized (added to the principal balance) and is included in your monthly payment once one or more of the following occur: enrollment ceases, the grace period expires. and/or a deferment period ends.

Eligibility

To be eligible for Direct Loans, you must meet the following requirements:

  • have a completed FAFSA for the current academic year,
  • enroll in at least half-time credits,
  • not be in default on previous federal loans,
  • not have exceeded lifetime borrowing limits,
  • have a completed Master Promissory Note (MPN) on file,
  • have completed loan entrance counseling.

Fees

The origination fee for Direct Subsidized and Unsubsidized Loans for 2013-2014 is 1.051%

Interest Rates (2013-2014)

Undergraduate

  • Direct Subsidized Loans - 3.86% 
  • Direct Unsubsidized Loans - 3.86%

Graduate

  • Direct Unsubsidized Loans - 5.41%

Interest Rates (2014-2015)

Undergraduate

  • Direct Subsidized Loans - 4.66%
  • Direct Unsubsidized Loans - 4.66%

Graduate

  • Direct Unsubsidized Loans - 6.21%

These rates are fixed until the loan is paid in full or is consolidated.  However, these rates will change yearly for any new loans borrowed.

Borrowing Limits

The annual limits for dependent students are:

Freshman
$3,500 subsidized
$2,000 unsubsidized
Sophomore
$4,500 subsidized
$2,000 unsubsidized
Junior
$5,500 subsidized
$2,000 unsubsidized
Senior
$5,500 subsidized
$2,000 unsubsidized

The annual limits for independent students are:

Freshman
$3,500 subsidized
$6,000 unsubsidized
Sophomore
$4,500 subsidized
$6,000 unsubsidized
Junior
$5,500 subsidized
$7,000 unsubsidized
Senior
$5,500 subsidized
$7,000 unsubsidized

The annual limits for graduate students are:

$20,500 unsubsidized

 

The aggregate (lifetime) limits are:

Dependent students:
$31,000
Independent students:
$57,500
Graduate students:
$138,500


For more detailed loan information: 

Direct Loan Basics for Students

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