Eligibility Chart

Loan Type What is the Maximum Loan Amount? Who is Eligible? How to apply What is the interest rate* and terms of repayment?
Federal Direct Subsidized Loan See Federal Direct Loan Page U.S. citizens or permanent residents demonstrating financial need Submit FAFSA Fixed rate—Begins 6 months after student leaves school or drops below half time enrollment (6 credit hours).
Federal Direct UnsubsidizedLoan See Federal Direct Loan Page Students who have not received the max Federal Direct Subsidized Loan. Independent students may have additional eligibility. Submit FAFSA Fixed rate—Begins 6 months after student leaves school or drops below half time enrollment (6 credit hours).
Federal Direct PLUS Loan Up to the cost of education less aid received Parents of dependent students Submit FAFSA and online loan application Fixed rate—Begins 60 days after entire loan is disbursed or 6 months after student leaves school.
Private Education Loans Up to the cost of education less aid received Varies Varies Varies

*The interest rate on the loan is fixed at the time the loan disburses. Currently, the maximum rate will not exceed 8.25 percent. New loan interest rates for subsequent years are adjusted once a year on July 1. (See Federal Student Aid at for calculators and interest rates.)