Undergraduate Federal Direct Student Loan Program
St. John Fisher participates in the William D. Ford Federal Direct Loan Program. The lender of these loans is the federal government and repayment is to the U.S. Department of Education.
Direct Loan Basics
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans.
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility.
Federal Direct Subsidized Student Loan
The Federal Direct Subsidized Student Loan is a need based federal student loan. Undergraduate Federal Direct Subsidized Student Loans have a fixed interest rate of 3.4% for 2012-13. The interest rate will not change throughout the life of the loan. There is no interest charged on your Federal Direct Subsidized Student Loan as long as you are enrolled at least half-time (6 credits) at the college. A 1.051% fee is charged. **Loan rates and fees are subject to change due to congressional action.**
Federal Direct Unsubsidized Student Loan
The Federal Direct Unsubsidized Student Loan is a non-need based federal loan. Federal Direct Unsubsidized Student Loans have a fixed interest rate of 6.8%. The interest rate will not change throughout the life of the loan. Interest begins accruing on the Federal Direct Unsubsidized Student Loan once the loan is disbursed. Interest payments can be made or the interest will accrue and be capitalized. A 1.051% fee is charged. **Loan rates and fees are subject to change due to congressional action.**
Additional Information
Federal Direct Student Loans can be repaid fully or in part at any time without penalty. In the event that you die or suffer permanent and total disability, the loan is forgiven. The funds are disbursed directly to the school via Electronic Funds Transfer (EFT) to the student's account.
Maximum Annual Limits for Federal Direct Subsidized and Unsubsidized Student Loans
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Loans for Undergraduate Dependent Students (Federal Direct Student Loans) |
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|
Amount you are eligible to borrow each academic year |
Maximum Subsidized Loan |
Additional Unsubsidized Loan |
Total Loan (combined subsidized and unsubsidized) |
|
1st Year |
$3,500 |
$2,000 |
$5,500 |
|
2nd Year |
$4,500 |
$2,000 |
$6,500 |
|
3rd and 4th Year |
$5,500 |
$2,000 |
$7,500 |
|
Loans for Undergraduate Independent Students (Federal Direct Student Loans) |
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|
Amount you are eligible to borrow each academic year |
Maximum Subsidized Loan |
Additional Unsubsidized Loan |
Total Loan (combined subsidized and unsubsidized) |
|
1st Year |
$3,500 |
$6,000 |
$9,500 |
|
2nd Year |
$4,500 |
$6,000 |
$10,500 |
|
3rd and 4th Year |
$5,500 |
$7,000 |
$12,500 |
Maximum Lifetime Limits for Federal Direct Subsidized and Unsubsidized Student Loans
|
Maximum Lifetime Loan Amounts (Federal Direct Student Loans) |
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|
Student Level & Dependency Status |
Maximum Subsidized and Unsubsidized |
Maximum Subsidized |
|
|
Dependent Undergraduate |
$31,000 |
$23,000 |
|
|
Independent Undergraduate |
$57,500 |
$23,000 |
|
- Dependent Student: The career maximum of Federal Direct Subsidized and Unsubsidized combined undergraduate student loans is $31,000 ($23,000 maximum in subsidized loans).
- Independent Student: The career maximum of Federal Direct Subsidized and Unsubsidized undergraduate student loans is $57,500 ($23,000 maximum in subsidized loans).
- A dependent student's maximum eligibility, whether it is subsidized or a combination of subsidized and unsubsidized loans, cannot exceed the amounts shown above. Independent students, however, are eligible to borrow additional funds from the Direct Unsubsidized Student Loan Program. In cases where the parents of the dependent student are denied eligibility for the Federal Direct Parent PLUS Loan due to a negative credit history, the dependent student may borrow additional funds from the Federal Direct Unsubsidized Student Loan Program. Student borrowers do not need a co-signer and there is no credit check done by the federal government.
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Student Loan offer on Fish 'R' Net.
- FIRST TIME BORROWER ONLY: Select Sign In under Manage My Direct Loan at www.studentloans.gov. Sign In using your FAFSA PIN. Select Complete Entrance Counseling. (First Time Borrowers ONLY)
- Once you have successfully completed the Entrance Counseling, select You can submit a Master Promissory Note. Select Subsidized/Unsubsidized loan type. (First Time Borrowers ONLY)