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What types of federal student loans are
available?

2. The William D. Ford Federal Direct Loan (Direct Loan) Program is the largest federal
student loan program. Under this program, the U.S. Department of Education is
your lender. There are four types of Direct Loans available:
Direct Subsidized Loans are loans made to eligible undergraduate students who
demonstrate financial need to help cover the costs of higher education at a college
or career school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and
professional students, but in this case, the student does not have to demonstrate
financial need to be eligible for the loan.
Direct PLUS Loans are loans made to graduate or professional students and parents
of dependent undergraduate students to help pay for education expenses not
covered by other financial aid.
Direct Consolidation Loans allow you to combine all of your eligible federal student
loans into a single loan with a single loan servicer.
The U.S. Department of Education has two federal student loan
programs:

3. How much money can I borrow in federal
student loans?
If you are an undergraduate student:
Up to $5,500 per year in Perkins Loans depending on your financial need, the
amount of other aid you receive, and the availability of funds at your college or
career school.
$5,500 to $12,500 per year in Direct Subsidized Loans and Direct Unsubsidized
Loans depending on certain factors, including your year in college.
If you are a graduate student:
Up to $8,000 each year in Perkins Loans depending on your financial need, the
amount of other aid you receive, and the availability of funds at your college or
career school.
Up to $20,500 each year in Direct Unsubsidized Loans.
The remainder of your college costs not covered by other financial aid in Direct
PLUS Loans. Note: A credit check is required for a PLUS loan.

4. Qualifications for Direct Federal
Student Loans
The requirements for Federal Direct student loans are the
same as other Federal student loans. In order to qualify
for these loans you must:
Be a U.S. citizen, eligible non-citizen or eligible resident.
Be enrolled in an accredited college or university half-
time or more.
Fall within in the qualifying income bracket determined
by the government and your school.
Have no history of defaulting on a student loan.

5. 5
Applying for Direct Federal Loans
You must complete the Free Application for Federal
Student Aid , or FAFSA, and file it before the Federal
and state deadlines. If you fail to file in time you
eliminate your chances of a securing a low cost
Federal loan for the upcoming school term and will
not be able to re-apply until the following term. The
application is lengthy and in depth. Your guidance
counselor or college adviser can help you through
any difficult sections.

6. Repayment of Direct Federal Loans
Federal Direct Stafford Loans and Federal Family Education Loans
include a 6 month grace period following graduation before you
must begin repayment. All Federal student loans offer four basic
payment plans. They are:
Standard—fixed monthly payments for 10 years
Extended—fixed or graduated payments for 25 years; the student
must carry at least $30,000 in debt to be eligible for the extended
payment plan
Graduated—payments increase over life of loan, up to 10 years
Income-contingent—payments are recalculated annually under
consideration of the students annual income

7. Student Loan Tips:
Use student loans to supplement other financial aid awards,
like grants and scholarships. Make sure to start a college savings
plan as early as possible. College accounts like the 529 savings
plans allow you to save pre-tax money for college.
Understand the terms of your federal and private student loans,
before you sign on. You will be bound to the conditions of your
loans for many years.
Don’t miss payments. Be proactive in protecting your credit, by
contacting your lender before you default. Consolidation loans,
deferments and other accommodations are available, to keep your
repayment schedule on track.

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