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.
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|Direct Subsidized Loans||Direct Unsubsidized Loans||Direct PLUS Loans||Federal Perkins Loans|
|Who may receive this loan?||Undergraduate students with financial need.||Undergraduate students and graduate students||Graduate students and parents of dependent undergraduate students.||Undergraduate and graduate students with exceptional financial need|
|What is the Current Interest Rate?||3.86%||Undergraduates: 3.86%
|The government pays your interest...||While you are enrolled at least half-time and during the grace period.||You pay all interest during all periods.||You pay all interest during all periods.||While you are enrolled at least half-time and during the grace period.|
|What are the loan fees?||1.072%||1.072%||4.288%||N/A|
|When do I begin repayment?||6 months after you graduate or drop below half-time enrollment||6 months after you graduate or drop below half-time enrollment||PLUS loans enter repayment when they are fully disbursed||9 months after you graduate or drop below half-time enrollment|
Students may use private, credit-based loans if they have exhausted their federal loan eligibility. Contact the Financial Aid Office to determine your private student loan eligibility.