Graduate Federal Direct Student Loan Program

The Federal Direct Student Loan Program is a non-need based federal student loan providing low-interest, long-term loans to matriculated students enrolled at least half-time for education expenses.

The lender of these loans is the federal government and repayment is to the U.S. Department of Education.

Federal 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 be maintaining satisfactory academic progress for financial aid eligibility.

Interest Rate

Federal Direct Unsubsidized Student Loans disbursed prior to July 1, 2017 will have a fixed interest rate of 5.31%. Federal Direct Unsubsidized Student Loans will have a fixed interest rate of 6.00% for loans with a first disbursement date on or after July 1, 2017. The interest rate will not change throughout the life of the loan. Loans disbursed prior to October 1, 2017 will be charged a 1.069% fee. Loans disbursed on or after October 1, 2017 will be charged a 1.066% fee. 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. Please note: Loan rates and fees are subject to change due to congressional action.

Repayment

The loan 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.

Loan Limits

Maximum Annual Limits

Maximum Annual Limits for Federal Direct Graduate Student Loans
  Maximum Unsubsidized Loan (per year)
Graduate and Professional Students $20,500
Health Professional (Pharmacy) $33,000

Maximum Lifetime Limits

Maximum Lifetime Limits for Federal Direct Graduate Student Loans
  Maximum Subsidized and Unsubsidized Loan (per year)
Graduate and Professional Students $138,500
Health Professional (Pharmacy) $224,000

Apply for a Federal Direct Student Loan

  1. Complete the FAFSA.
  2. Accept the Federal Direct Student Loan offer(s) on Fish 'R' Net.
  3. FIRST TIME BORROWERS ONLY: Select Log In at StudentLoans.gov. Sign In using your FSA ID. Select Complete Loan Counseling. Select Start next to Entrance Counseling.
  4. Once you have successfully completed the Entrance Counseling, select Complete Master Promissory Note. Start MPN for Subsidized/Unsubsidized Loans.