Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common type of student loans with 32.8 million recipients borrowing a total of $705.3 billion in 2017.. What is the primary difference between the two? PDF Federal Direct Stafford Loans Direct Stafford Loans are federal student loans available to undergraduate and graduate students. The aggregate Stafford Loan limit is $31,000 for dependent undergraduate students. Student Loan Options for Graduate School | Edvisors Federal Direct Subsidized and Unsubsidized Stafford Loans ... Federal Stafford Direct Loan borrowers must complete both an Entrance Counseling session and a Master Promissory Note before these loans can be disbursed.. The MPN is a legal document in which the student promises to repay the loan and any accrued interest and fees to the Department. The Federal Direct Stafford Loan is the most common student loan program for funding undergraduate and graduate education. Federal Direct Loans - Elizabethtown College As of July 1, 2012, graduate and professional students are eligible only for unsubsidized Stafford loans. Grants and Loans - Graduate School back 2 Additional unsubsidized eligibility available for student whose parent is unable to obtain a PLUS loan. 1.059%. PLUS loans do not have the same terms as the Federal Direct Unsubsidized Stafford Loans. 1.057%. . Learn more about Federal Direct Loans. Direct Loan borrowers are restricted to annual loan limits per academic year as well as aggregate lifetime loan limits for undergraduate and graduate study. For a Direct Graduate PLUS Loan, the graduate student must complete a Direct Graduate PLUS Loan Application and Master Promissory Note (MPN). You are automatically considered for a Direct Loan after submitting your FAFSA. The Federal Graduate PLUS Loan is available to students who have not met their full financial aid budget for the year and have met the limits on the Federal Direct Stafford Loan and other financial aid resources. Federal Direct Loan Program: Direct federal loans account for 70% of all student loans. If you're borrowing money for school, a Stafford Loan provides the most affordable way to fund your education. Federal Direct Stafford Loans are low-interest loans for students to help pay for the cost of a student's education after high school. It also explains the terms and conditions of the loan. Fixed interest rate available to Metropolitan College graduate students 2015-16 interest rate for the Unsubsidized Direct Stafford Loan for Graduate students is 5.84%. Both loans have an 1.057% origination fee (valid through 10/1/22) that reduces the gross amount that appears on your . There are two categories of Direct Stafford Loans: subsidized and unsubsidized. Direct Stafford Loans. Direct Loans are offered by the US Department of Education. The aggregate limit for undergraduate dependent students is a total of $31,000 (up to $23,000 may be subsidized). 1.059%. Graduate PLUS (GradPLUS) Loans are low-interest federal direct loans awarded to eligible graduate students who file the Free Application for Federal Student Aid (FAFSA) and have exhausted their eligibility for Direct Stafford Loans.. You must be enrolled in at least 6 credits in any given semester to qualify. All Stafford Loans for graduate and professional program students are Unsubsidized. undergraduate unsubsidized direct loans fixed at 3.73 percent. Direct Loans are generally included as part of your financial aid package. Amounts increase for subsequent years of study, with higher amounts for graduate students. Graduate students are eligible to borrow up to $20,500 in a Federal Direct Unsubsidized Stafford Loan in one academic year. If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status. An origination fee of 1.073% will be deducted by the Department of Education from the Stafford . Direct Stafford Unsubsidized Loans for Graduate Students - 6.08%. graduate students are no longer eligible for subsidized loans per federal regulations. While Direct Stafford Loans have annual and aggregate limits, creditworthy borrowers may borrow a PLUS for up to the student's cost of attendance minus estimated financial assistance. Graduate students can borrow up to $20,500 a year in Stafford loans, and up to $138,500 total for their studies, including any Stafford loans taken out during college. Graduate loans are now all unsubsidized and have a fixed 5.28% interest rate . Fees are deducted from the Direct Unsubsidized loan proceeds when they are disbursed. First time borrowers. The government charges an origination fee of 1.057% on the total amount of the Stafford Loan. Graduate Student Annual Loan Limit Please note: beginning July 1, 2012, Congress has eliminated the Subsidized Loan for graduate students. Federal Direct Loans Office of Financial Aid Federal Direct Loan recipients who have electronically signed their Master Promissory Note and completed entrance counseling may use loan proceeds for tuition and fee payment when registering through the mail, in person, or on the Web. These loans have a fixed interest rate. Fees are deducted from the Direct Unsubsidized loan proceeds when they are disbursed. 4.30%. All students, regardless of need, are eligible for the unsubsidized Stafford loan. Students who have completed one bachelor's degree and are enrolled for a second bachelor's degree may also apply for Stafford loan assistance. Founded in 1994, loans issued through the direct loan program are available to both undergraduate and graduate students attending four-year colleges, community colleges or trade schools. Graduate students whose costs are not met by the current Federal Direct Unsubsidized Stafford Loan levels may want to consider the PLUS loan as a means to make up the difference. PLUS loans allow graduate students and parents of undergraduate students to borrow up to the student's Cost of Attendance to assist with educational expenses. In addition, there can be no duplication of non-institutional costs when determining the student cost-of-attendance. For more information, please visit the Federal Student Aid website. Through the Federal Direct Stafford Loan program, students may apply for a maximum of $20,500 annually (the aggregate lifetime maximum allowed in combined undergraduate and graduate Stafford loans is $138,500). Direct Loan Eligibility. Direct Stafford & Graduate PLUS loans: Required Application Forms (2021-22): MS Federal Loan Request/Adjustment Form (LEARN module- may require login); 2021-22 Free Aplication for Federal Student Aid - FAFSA (school code: G04762); Graduate PLUS Credit Authorization Form (If requesting a Graduate PLUS Loan); Online Loan Entrance Counseling & Promissory Note Completion is required for all first . Direct Stafford Loans are typically the first type of loan borrowed once scholarship, grant, and work-study options have been exhausted. A subsidized loan is awarded on the basis of financial need. These federally supported, low-interest student loans offer flexible repayment options. Direct Unsubsidized Stafford Loan The aggregate limit for independent undergraduate students and dependent students whose parents are unable to obtain Direct PLUS Loans is nearly twice as much at $57,500. To receive a subsidized loan, you must be able to demonstrate financial need as determined by the FAFSA.The interest rate for undergraduate subsidized loans disbursed between July 1, 2021 - June 30, 2022 is 3.73%. Students who have completed one bachelor's degree and are enrolled for a second bachelor's degree may also apply for Stafford loan assistance. All students, regardless of need, are eligible for the unsubsidized Stafford loan. The assigned interest rate for Federal Direct Loans disbursed between July 1 st 2019 and before July 1st 2020 are as follows: Direct Stafford Subsidized Loans for Undergraduate Students - 4.53%. Federal Direct Subsidized and Unsubsidized Loans When You. Graduate (i.e., your aggregate. 1 Limit of combined subsidized and unsubsidized funds. Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. What is Stafford Loans for Students? Graduate students may borrow up to a lifetime amount of $138,500 from the Federal Direct Stafford Loan program (which includes proceeds from any undergraduate loan program).Trinity's desire is for students to graduate with a minimal amount of indebtedness so that loan repayments do not unduly burden their future ministries. Undergraduate and graduate students can apply for Federal Direct Stafford Loans; Graduate students and parents of dependent undergraduate students can apply for funds through the PLUS Loan program. First-year undergraduates are eligible for loans up to $5,500. Just like every other loan, direct stafford loans are to be repaid within due time . Parents and Graduate or Professional Students. 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