Federal Direct Loan FAQs
What types of Federal Direct Student Loans are available?
The Federal Direct Student Loan program offers subsidized and unsubsidized loans to students, as well as Parent PLUS Loans to parents and Grad PLUS Loans to graduate students. 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 FSA ID, which you used to complete your FAFSA in order to electronically sign the MPN. The MPN can be completed at https://studentaid.gov/mpn/. 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. View more information about PLUS Loans.