William D. Ford Direct Subsidized and Unsubsidized Direct Loan (repayable funds)
The direct loan program enables students to borrow funds directly from the U.S. Department of Education to assist with educational expenses. Undergraduate student borrowers can borrow from US$5,500 to US$12,500 per academic year (three quarters), depending on class level and dependency status as determined by the FAFSA. The amount of subsidized vs. unsubsidized loan that can be borrowed is determined by results from the FAFSA and remaining need. Regular graduate student borrowers can borrow US$20,500, unsubsidized, per academic year (three quarters). Graduate student borrowers admitted with required preliminary undergraduate coursework are subject to undergraduate loan limits and enrollment rules until they proceed into the regular graduate program. The amount credited to the student account is reduced by a federally mandated processing fee. Repayment of direct loans begins after graduation, dropping below half-time enrollment, or ceasing enrollment.
William D. Ford Direct PLUS Loan for Graduate Students (repayable funds)
The Grad PLUS loan program enables credit-worthy graduate-level students to borrow funds for educational purposes. Graduate students may borrow the full cost of education or any educational expenses that other student aid does not cover. Grad PLUS loans are collateral-free, low-interest-rate loans with a minimum 10-year repayment term and several repayment options.
William D. Ford Direct Parent PLUS Loan Program (repayable funds)
The PLUS loan program enables credit-worthy parents and stepparents (must be listed on the FAFSA) of dependent students to borrow funds for educational purposes. Parents may borrow the full cost of education or any educational expenses that student aid does not cover. PLUS loans are collateral-free, low-interest-rate loans with a minimum 10-year repayment term and several repayment options. The federal government announced that, effective fall 2012, graduate students are no longer eligible to receive Federal Direct Subsidized Loans.