Federal Direct Stafford Loans

The federal government offers two types of Federal Direct Stafford Loan programs. Yearly and aggregate loan limits apply to both programs.

  • The Direct Subsidized Stafford Loan is need based
  • The Direct Unsubsidized Stafford Loan is not based on a financial need

Federal Direct Stafford Loan Limits

 

   Type of Student 
 Year in school  Dependent undergraduate 
 (except whose parents are unable to obtain PLUS Loans) 
Independent undergraduate
(and dependent students whose parents are
unable to obtain
PLUS Loans) 
Graduate and professional 
degree students 
 Freshmen
 (0-29 earned  credits) 
$5,500
($3,500 max in
subsidized loans) 
$9,500
($3,500 max in
subsidized loans) 
$20,500
(all unsubsidized
as of July 1, 2012) 
 Sophomore 
 (30-59  earned  credits) 
$6,500
$4,500 max in 
subsidized loans)
$10,500
$4,500 max in 
subsidized loans)
 Junior
 (60-89  earned  credits) 
$7,500
$5,500 max in 
subsidized loans)
$12,500
$5,500 max in 
subsidized loans)
 Senior
 (90+ earned  credits) 
$7,500
$5,500 max in 
subsidized loans)
$12,500
$5,500 max in 
subsidized loans)
 Aggregate  Limits $31,000
($23,000 max in
subsidized loans) 
$57,500
($23,000 max in
subsidized loans)
$138,500
($65,500 max in
subsidized loans)

 

To Receive Direct Stafford Loans

Direct Loan Counseling and Master Promissory Note

All students receiving a Federal Direct Subsidized or Unsubsidized Direct Loan for the first time at Cheyney University must complete Loan Entrance Counseling and a Master Promissory Note.  Once you have been awarded either the Federal Direct Subsidized or Unsubsidized loan, you may complete the requirements below:

PLUS Loan Denial

Should the parent be denied the PLUS loan, Cheyney University will assume that the parent will not pursue an appeal unless otherwise notified. The student will be considered for additional unsubsidized loans for up to an additional $4,000 to $5,000 a year in loans based on the number of credits earned, your cost of attendance, class level limits and other awarded financial aid and resources. The additional loan will not always be equal to the amount of PLUS Loan that was denied. 

Graduate, Withdraw, or Drop Below Half-time?

Federal law requires you to complete the Exit Counseling which provides information about how to manage your student loans. 

Interest and Repayment Information

  • The Interest rate changes each year.  You can view current interest rates here.
  • The Direct Subsidized Stafford Loan interest is deferred while you are in school.  Depending on when you borrowed your subsidized Stafford loan, it may or not accrue interest during your grace period which is the first six months after you leave school or drop below at least part time and also during periods of deferment. 

  • The Direct Unsubsidized Loan interest accrues while you are in school and during any deferment period.

 

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