Aid Programs
Federal Direct Unsubsidized Stafford Loans (FDUSL)
Unsubsidized Stafford Loans are non-need-based loans for students who do not qualify, in whole or in part, for subsidized Stafford Loans. “Unsubsidized” means that the interest is not deferred while you are in school. Because unsubsidized loans are not need-based, you may be able to borrow funds over and above your eligibility for subsidized Stafford Loans, either up to your cost of education minus other aid, or up to Federal Direct Unsubsidized Stafford Loan limits, whichever is less. Note: to be eligible for an unsubsidized loan, you must have first applied for a Federal Pell Grant and a subsidized Stafford Loan.
Unsubsidized Stafford Loan limits for dependent students are the same as for Subsidized Stafford Loans, less amounts borrowed though that program.
Independent undergraduate students may borrow the following amounts, less Subsidized Stafford amounts already received: first-year students, $7,500; second-year students, $8,500; third-year to fifth-year students, $10,500; up to a $46,000 aggregate total.
Graduate/Professional students may borrow $20,500 per year, up to $138,500 total, including undergraduate loans, less amounts already borrowed through the Subsidized Stafford Loan program.
Health Profession loan limits (all aggregate amounts include amounts already received through the Subsidized Stafford Loan program): independent undergraduate pharmacy students, $23,000 per year up to an aggregate total of $70,625; graduate pharmacy students, $33,000 per year up to an aggregate total of $224,000; professional medical, Doctor of Dentistry, or veterinary medicine students, $40,500 up to an aggregate total of $224,000.
For FDUSL, because the federal government does not pay the interest while you are in school, you must pay all interest that accrues while you are in school, during the grace period, and during any periods of authorized deferment. You will have the following options: (1) making monthly or quarterly payments to the federal loan servicer, or (2) you and the federal loan servicer may agree to add the interest to the principal of your loan—capitalization. The disadvantage of capitalizing interest is that you pay more interest over the life of the loan because you are also paying interest on the accrued interest. Please see Debt Management & Student Loans for important information on capitalization of interest.
Interest rates, origination fees, and application are the same as for FDSL.