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 Federal Student Loan Information 

 

SPOTLIGHT

The Direct Subsidized and Unsubsidized Loans are federal loans available to students to assist with educational related expenses.  Information from the FAFSA determines the amount and type of Federal Direct Loan eligibility. 

  • Direct Subsidized Loan:  A "subsidized" loan means that the federal government pays the interest while the student is enrolled at least half-time in school.  The interest rate on the Federal Direct Subsidized Loan is a fixed rate of 4.66%* for the 2014-15 academic year.  There is an origination fee of 1.072%*. 
  • Direct Unsubsidized Loan:  An "unsubsidized" loan means that the student is responsible for paying the interest from the time the loan is disbursed.  The interest can be paid quarterly or the student can request that the interest be capitalized.  The 2014-15 interest rate on the Direct Unsubsidized Loan is a fixed rate of 4.66%* for undergraduates and 6.21%* for graduates.  There is an origination fee of 1.072%*.

The amount a student can borrow is determined by grade level and dependency/independency status. 

* The interest rate and origination fees are subject to change July 1 each year. 

Dependent Undergraduate and Post Bac Students: 

 Grade Level

 Direct Subsidized Stafford

Direct Unsubsidized Stafford

Total

Freshman

$3,500

$2,000

$5,500

Sophomore

$4,500

$2,000

$6,500

Junior

$5,500

$2,000

$7,500

Senior

$5,500

$2,000

$7,500

Aggregate Maximum Amount

$23,000

$8,000

$31,000

Independent Undergraduate and Post Bac Students: 

Grade Level

Direct  Subsidized Stafford

Direct Unsubsidized Stafford

Total

Freshman

$3,500

$6,000

$  9,500

Sophomore

$4,500

$6,000

$10,500

Junior

$5,500

$7,000

$12,500

Senior

$5,500

$7,000

$12,500

Aggregate Maximum Amount

$23,000

$34,500

$57,500

Graduate Students:  can borrow up to $20,500 per year in Unsubsidized Direct Loans.  The aggregate maximum amount graduate students can borrow for all undergraduate and graduate years combined is $138,500.  

APPLICATION PROCESS: 

To apply for a Direct Loan, all students must:

  1. Complete the Free Application for Federal Student Aid (FAFSA)

  2. "Accept", "decline", or "accept a portion" of your Direct Loan on  MySRU once you receive your Financial Aid award letter. (Student can decline the Direct Loan on MySRU if they do not want this)

  3. First time borrowers must complete a Master Promissory Note (MPN) with the U.S. Department of Education at www.StudentLoans.gov (If you have questions when on this site, you can reach a customer service representative at 1-800-557-7394)

  4. First time borrowers must complete Entrance Loan Counseling at www.StudentLoans.gov (If you have questions when on this site, you can reach a customer service representative at 1-800-557-7394). 

Note: The SRU Financial Aid Office cannot disburse your Federal Direct Loans until steps 2-4 are completed.  For detailed instructions on how to complete the Entrance Counseling and signing your MPN, click here.

Students can check the status of the required Entrance Counseling and MPN on MySRU.

 

Contact Information

1 Morrow Way
Slippery Rock PA 16057

107 Maltby Center

724.738.2044
724.738.2922 (fax)

Financial.aid@sru.edu

M-F: 8:00-4:30
Summer: 8:00-4:00

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