Federal Direct Loan FAQs
What types of Federal Direct Student Loans are available?
Students and their parents will continue to have access to subsidized, unsubsidized, Parent and Grad PLUS Loans under the Federal Direct Student Loan Program. Please note that graduate students are not eligible to receive Direct Subsidized Loans.
Do I have to complete another Master Promissory Note if I previously borrowed a Federal Direct Student Loan?
If you previously borrowed a Federal Direct Student Loan, you do not need to complete another MPN for each subsequent academic year.
If you are a first-time borrower, you must sign a Federal Direct Loan Master Promissory Note (MPN) and Federal Entrance Counseling. You will need to have your Federal Pin Number, which you used to complete your FAFSA in order to electronically sign the MPN. The MPN can be completed at www.studentloans.gov. See additional instructions.
What are the current interest rates and fees charged in the Federal Direct Student Loan Program?
How do I apply for a Federal Direct Parent PLUS/Grad PLUS Loan?
If you or your parents are planning to borrow a PLUS Loan for the first time, please wait until you have received your financial aid offer to complete this application process. The award letter will be necessary to help you determine the amount you need to request. Families should not apply for a PLUS Loan earlier than June 1 since the PLUS Loan requires a credit approval which is only valid for 90 days. See instructions for PLUS Loans.
Those who previously borrowed a Federal Direct PLUS Loan and plan to borrow again are required to complete a new Federal PLUS Loan application at www.studentloans.gov. You do not need to complete another Federal Direct PLUS Master Promissory Note.
What is the grace period through the Direct Loan program?
Do Direct Loans allow borrowers to defer payment?
How do I decline a Federal Direct Student Loan?
We will assume that you are interested in borrowing the amount of the direct loan listed on your financial aid award letter and we will originate the loan. If you would like to cancel all or a portion of your federal loan(s), please contact The HUB.
Where can I find information regarding to whom I will be repaying my other federal loans?
Is there other information available on Federal Direct Lending?
For more information about the Federal Direct Lending Program, please review the Federal Student Aid website.