Loans are borrowed money that can be used to pay for educational expenses, but must be repaid after a certain period.
On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21) was enacted. As part of the MAP-21 Act, a first-time borrower’s eligibility for Federal Direct Subsidized Loans is limited to a period not to exceed 150 percent of the length of the borrower’s educational program. After this limit has been reached, students may only borrow unsubsidized loans and interest will begin to accrue on all previously borrowed subsidized loans.
For more information please click here