The Federal Direct Loan Program provides low-interest, long-term loans. Funding for these loans comes from the Department of Education.
Eligible students must be admitted in a program leading to a degree, maintain good academic standing, and enrolled at least Half-Time.
Loan Types
Subsidized Stafford Loan (Undergraduate Only) and
Unsubsidized Stafford Loan (Sub/Unsub)
By applying for FAFSA, students are automatically reviewed for Stafford Loan eligibility. The two bullets below provide vital information for new and continuing loan borrowers. They explain the difference between Sub/Unsub Stafford Loans and how much a person may borrow in an academic year and lifetime. For example, a First-Year student is eligible for $5500, which splits half for Fall and Spring. No more than $3500 may be Sub.
Interest Rates beginning July 1, 2022:
- Undergraduate | Sub/Unsub Stafford Loans: 4.99% (previously 3.73%)
- Graduate | Unsub: 6.54% (previously 5.28%)
- PLUS Loans | Parent and Graduate Students: 7.54% (previously 6.28%) (more information about these loans below)
To ensure first-time loan borrowers understand their rights and responsibilities with borrowing student loans, they must complete Entrance Counseling and a Master Promissory Note.
Entrance Counseling Master Promissory Note
PLUS Loan - Available for Parents and Graduate Students
A Parent or Graduate Student may choose to apply for a loan to help supplement the cost of tuition and fees. In the Parent case, they, and not the student, are the borrower. The loan amount is determined the borrower but it cannot exceeded the Cost of Attendance.
Instructions for Plus Loan
(Parent and Graduate)
Loan Origination Fee - (current) Direct Loan: 1.057% | PLUS Loan: 4.228%
Repayment normally begins six months following graduation or if you cease to be enrolled at least half-time. This process will be handled between the borrower and loan servicer. Visit nsldsfap.ed.gov to obtain your individual loan servicer. Please have your FSA ID ready.