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Federal Direct Loan

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The Financial Aid and Scholarship Office helps you obtain funding for your higher education. Financial aid includes scholarships, grants, tuition waivers, work study and loans.

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    Major changes were made to the Direct Loan programs on July 1, 2012.  Please click the following links for details:

    The Federal Direct loans are loans borrowed by the student. Funding for the loan comes from the U.S. Department of Education. Direct loans are divided into two types: subsidized and unsubsidized.

    Direct Subsidized Loan

    Qualification for the Direct Subsidized Loan is based on financial need as determined by the FAFSA. The federal government pays the interest on this loan during periods of half-time attendance or more, and for periods of authorized deferment.  Beginning July 1, 2012, subsidized loans will be available to undergraduates only and the loans will not be subsidized during the six month grace period. 

    Direct Unsubsidized Loan

    Direct Unsubsidized Loans are not based on need, but the amount for which you are eligible may vary depending on the results of the FAFSA and the amount of your other aid. Interest starts accruing from the first disbursement and continues until the loan is paid in full. Interest payments are not required while the student is in school at least half-time, but can be paid by choice without penalty. Interest is capitalized (added to the principal balance) and is included in your monthly payment once one or more of the following occur: enrollment ceases, the grace period expires. and/or a deferment period ends.

    Eligibility

    To be eligible for Direct Loans, you must meet the following requirements:

    Fees

    The origination fee for Direct Subsidized and Unsubsidized Loans for 2013-2014 is 1.051%

    Interest Rates (2013-2014)

    Undergraduate

    Graduate

    Interest Rates (2014-2015)

    Undergraduate

    Graduate

    These rates are fixed until the loan is paid in full or is consolidated.  However, these rates will change yearly for any new loans borrowed.

    Borrowing Limits

    The annual limits for dependent students are:

    Freshman
    $3,500 subsidized
    $2,000 unsubsidized
    Sophomore
    $4,500 subsidized
    $2,000 unsubsidized
    Junior
    $5,500 subsidized
    $2,000 unsubsidized
    Senior
    $5,500 subsidized
    $2,000 unsubsidized

    The annual limits for independent students are:

    Freshman
    $3,500 subsidized
    $6,000 unsubsidized
    Sophomore
    $4,500 subsidized
    $6,000 unsubsidized
    Junior
    $5,500 subsidized
    $7,000 unsubsidized
    Senior
    $5,500 subsidized
    $7,000 unsubsidized

    The annual limits for graduate students are:

    $20,500 unsubsidized

     

    The aggregate (lifetime) limits are:

    Dependent students:
    $31,000
    Independent students:
    $57,500
    Graduate students:
    $138,500


    For more detailed loan information: 

    Direct Loan Basics for Students

    Contact Information

    Financial Aid and Scholarships
    102 Sutton Hall
    Cheney, WA 99004

    phone: 509.359.2314
    fax: 509.359.4330

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