Federal Direct Unsubsidized Loan
Eligibility
- Complete FAFSA
- Financial need is not a requirement.
- Must be enrolled at least half-time
- Must complete a Direct Loan Master Promissory Note and Entrance Counseling prior to first disbursement
- Exit Interview required after student drops below half time
Interest Rates
- Fixed interest rate of 5.28 percent for loans first disbursed on or after July 1, 2021, and before July 1, 2022
- Fixed interest rate of 6.54 percent for loans first disbursed on or after July 1, 2022, and before July 1, 2023
- Borrower is responsible for interest during life of the loan.
Loan Fees
| First Disbursement Date | Loan Fee |
|---|---|
| On or after Oct. 1, 2020, and before Oct. 1, 2021 | 1.057 percent |
| On or after Oct. 1, 2021, and before Oct. 1, 2022 | 1.057 percent |
Direct Loan Master Promissory Note
Once the Federal Direct Loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.
You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed is if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility. You may accept, reduce, or decline your loan(s) by logging into your financial aid account in SharkLink.
Annual Loan Limits - Direct Loan
| loans for loan periods beginning before July 1, 2012 | |||
|---|---|---|---|
| Student Type | Combined Base Limit for Subsidized and Unsubsidized Loans | Additional Limit for Unsubsidized Loans | Total Limit for Unsubsidized Loans (Minus Subsidized Amounts) |
| Graduate and Professional Students | $8,500 | $12,000 | $20,500 |
| Medical School Students | $8,500 | $32,000 | $40,500 |
| loans for periods beginning on or after July 1, 2012 | |||
|---|---|---|---|
| Student Type | Combined Base Limit for Subsidized and Unsubsidized Loans | Limit for Unsubsidized Loans | Total Limit for Unsubsidized Loans |
| Graduate and Professional Students | $0 | $20,500 | $20,500 |
| Medical School Students | $0 | $40,500 | $40,500 |
Aggregate Loan Limits
| Aggregate Loan Limits - Direct Loan | |||
|---|---|---|---|
| Student Type | Combined Base Limit for Subsidized and Unsubsidized Loans | Additional Limit for Unsubsidized Loans | Total Limit for Unsubsidized Loans (minus subsidized amounts) |
| Graduate and Professional Students | $65,500 (including undergraduate Direct loans) |
$73,000 | $138,500 |
| Medical School Students (Effective 4/18/08 per DCL GEN-08-04) |
$65,500 (including undergraduate Direct loans) |
$158,500 | $224,000 |
Repayment
Student does not have to pay the principal while enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later. For information on minimizing your student loan debt by making interest payments while in school, visit the Unsubsidized Direct Loan Scenarios Web page.