Direct Loan Program
To be eligible to receive a Federal Direct Loan, a student must be enrolled at least half-time in an eligible program, complete the Free Application for Federal Student Aid (FAFSA), meet all applicable federal eligibility requirements, and not be in default on a federal student loan or owe a repayment on a federal grant.
There are two types of Federal Direct Loans available to eligible undergraduate students: Subsidized and Unsubsidized. Federal Direct Loan eligibility and award amounts are determined in accordance with applicable federal law and institutional packaging policies. Total financial aid awarded, including Federal Direct Loans, may not exceed the student's Cost of Attendance.
Subsidized
Federal Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined under applicable federal law and regulations.
While a student is enrolled at least half-time and during certain authorized periods established under federal law, the federal government pays the interest that accrues on a subsidized loan.
The amount a student may borrow is determined by federal annual and aggregate borrowing limits, grade level, financial need, enrollment status, and other applicable federal eligibility requirements.
Unsubsidized
Federal Direct Unsubsidized Loans are available to eligible undergraduate students regardless of financial need, subject to applicable federal eligibility requirements and annual and aggregate borrowing limits.
Interest begins to accrue when the loan is first disbursed. Borrowers may choose to pay accrued interest while enrolled or allow it to accrue in accordance with the terms of the loan.
The amount a student may borrow is determined by federal annual and aggregate borrowing limits, grade level, dependency status, enrollment status, and other applicable federal eligibility requirements.
Entrance Counseling
First-time Federal Direct Loan borrowers must complete Entrance Counseling before loan funds can be disbursed. Entrance Counseling helps students understand their rights and responsibilities as federal student loan borrowers.
Master Promissory Note (MPN)
Student borrowers must complete a Master Promissory Note (MPN) before Federal Direct Loan funds can be disbursed. The Master Promissory Note is the legal agreement under which a borrower promises to repay the loan according to its terms and conditions.
Exit Counseling
Federal regulations require student borrowers to complete Exit Counseling when they graduate, withdraw from the College, or cease enrollment at least half-time. Exit Counseling provides important information regarding repayment obligations, loan servicing, deferment and forbearance options, and borrower rights and responsibilities.
Additional information regarding Federal Direct Loans, including current annual and aggregate borrowing limits, Entrance Counseling, the Master Promissory Note, repayment, and borrower responsibilities, is available from the Office of Financial Aid, on the College's Financial Aid website, and atstudentaid.gov.