First Disbursement Date | Loan Fee |
---|---|
On or after Oct. 1, 2021, and before Oct. 1, 2022 | 1.057 percent |
On or after Oct. 1, 2022, and before Oct. 1, 2023 | 1.057 percent |
Once the 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 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.
Annual Loan Limits - Direct Loan | |||
---|---|---|---|
Dependent Students (whose parents were not denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans | Additional Limit for Unsubsidized Loans | Total Limit for Unsubsidized Loans (minus subsidized amounts) |
First-Year Undergraduate (Freshman) | $3,500 | $2,000 | $5,500 |
Second-Year Undergraduate (Sophomore) | $4,500 | $2,000 | $6,500 |
Third-Year and Beyond Undergraduate (Junior, Senior) | $5,500 | $2,000 | $7,500 |
Preparatory Coursework (for enrollment in an undergraduate program) | $2,625 | $0 | $2,625 |
Preparatory Coursework (for enrollment in a graduate or professional program) | $5,500 | $0 | $5,500 |
Teacher Certification Coursework | $5,500 | $0 | $5,500 |
Independent Students (and dependent students whose parents were denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans | Additional Limit for Unsubsidized Loans | Total Limit for Unsubsidized Loans (minus subsidized amounts) |
First-Year Undergraduate (Freshman) | $3,500 | $6,000 | $9,500 |
Second-Year Undergraduate (Sophomore) | $4,500 | $6,000 | $10,500 |
Third-Year and Beyond Undergraduate (Junior, Senior) | $5,500 | $7,000 | $12,500 |
Preparatory Coursework (for enrollment in an undergraduate program) | $2,625 | $6,000 | $8,625 |
Preparatory Coursework (for enrollment in a graduate or professional program) | $5,500 | $7,000 | $12,500 |
Teacher Certification Coursework | $5,500 | $7,000 | $12,500 |
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) |
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) | $23,000 | $8,000 | $31,000 |
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) | $23,000 | $34,500 | $57,500 |
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 webpage.