Loan Limits, Repayment, & Interest Rates

Direct Loan Limits

Grade Level Dependent Students
(excluding students whose parents cannot borrow PLUS)
Independent Students
(including dependent students whose parents cannot borrow PLUS)
Freshman   (0-26 units) $5,500 (up to $3,500 may be Subsided) $9,500 ($3,500 may be Subsidized)
Sophomore (27-56 units) $6,500 (up to $4,500 may be Subsided) $10,500 ($4,500 may be Subsidized)
Junior/Senior (57+ units) $7,500 (up to $5,500 may be Subsided) $12,500 ($5,500 may be Subsidized)
Credential $5,500 (with Parent PLUS Denial- up to $12,500) $12,500 ($5,500 may be Subsidized)
Graduate $20,500 Unsubsidized

Aggregate Borrowing Limits

Dependent Undergraduate Student $31,000
(Maximum $23,000 Subsidized)
Independent Undergraduate Student $57,500
(Maximum $23,000 Subsidized)
Graduate Student (including undergraduate loans) $138,500

Interest Rates & Origination Fees

Loan Type 2016-2017 Interest Rate Origination Fee
Perkins Loan 5% Fixed None
Subsidized & Unsubsidized Direct Loan (Undergraduates) 3.76% Fixed
  • On or after 10/1/15 and before 10/1/16: 1.068%
  • On or after 10/1/16 and before 10/1/17: 1.069%
Unsubsidized Direct Loan (Professional Studies & Graduate) 5.31% Fixed
  • On or after 10/1/15 and before 10/1/16: 1.068%
  • On or after 10/1/16 and before 10/1/17: 1.069%
Parent & Graduate PLUS Loan 6.31% Fixed
  • On or after 10/1/15 and before 10/1/16: 4.272%
  • On or after 10/1/16 and before 10/17/17: 4.276%
Private Loans Contact your lender for more information

*The origination fee is the amount of money that is deducted from the original loan amount by Department of Education as a processing fee. This is a portion of the loan that is removed prior to the aid being applied to the student account.

Loans first disbursed prior to Oct. 1, 2014, have different loan fees.

Compare PLUS and Private loans.

Repayment

Repayment on Direct Loans begins six months after a student graduates, withdraws, leaves school, or drops below half-time status. View a repayment estimator chart courtesy of USAFunds.

Parent & Graduate PLUS Loans

Interest begins to accrue after the first disbursement, and payment of principal and interest begins sixty (60) days after the final disbursement. Various deferment options are available (including In-School Deferment). Please read the application carefully when applying to choose the correct option for you/your family.
For Parent PLUS loans: this loan is in the parent’s name. The parent is responsible for payments.