Federal Direct Loans
Federal Direct Subsidized and Unsubsidized Loans
Direct Subsidized Loans and Direct Unsubsidized Loans are low-interest loans for eligible students to help cover the cost of college.
Direct Subsidized Loans
Direct Subsidized Loans are available to undergraduate students with financial need. The amount you can borrow is determined by your school and cannot exceed your financial need. The U.S. Department of Education covers the interest on these loans while you’re enrolled at least half-time, during the first six months after graduation (the grace period), and during any deferment periods.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to both undergraduate and graduate students, with no financial need requirement. The amount you can borrow is determined by your school, based on your cost of attendance and other financial aid. Unlike subsidized loans, you are responsible for paying the interest on Direct Unsubsidized Loans during all periods.
Loan Amount Limits
There are annual and aggregate loan limits for subsidized and unsubsidized loans, which vary based on your school year and dependency status. The actual loan amount you can receive may be less than the maximum limit. See the chart for specific limits.
| Year | Dependent Students (except students whose parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
|---|---|---|
| First-Year Undergraduate Annual Loan Limit | $5,500 – No more than $3,500 of this amount may be in subsidized loans. | $9,500 – No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate Annual Loan Limit | $6,500 – No more than $4,500 of this amount may be in subsidized loans. | $10,500 – No more than $4,500 of this amount may be in subsidized loans. |
| Third Year and Beyond Undergraduate Annual Loan Limit | $7,500 per year – No more than $5,500 of this amount may be in subsidized loans. | $12,500 – No more than $5,500 of this amount may be in subsidized loans. |
| Graduate or Professional Student Annual Loan Limit | Not Applicable (all graduate and professional degree students are considered independent). | $20,500 (unsubsidized only) |
| Subsidized and Unsubsidized Aggregate Loan Limit | $31,000 – No more than $23,000 of this amount may be in subsidized loans. | $57,500 for undergraduates – No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study. |
Application Process
Submit your FAFSA as soon as possible after October 1. Use Corban’s code: 011339.
Requirements
- Open to all students
- Based on need from the FAFSA
- Completion of Master Promissory Note and Entrance Counseling