Direct Subsidized/Unsubsidized Loans
*Must be enrolled for at least 6 credits per semester
Available in two varieties depending upon level of need:
Subsidized
- no interest or principle to pay while enrolled at least half-time (6 credits)
- 3.4% for the 12-13 academic year, rate for 13-14 may be different
Unsubsidized
- Interest accumulates while in school although payment can be postponed
- The cost of borrowing is less if you make interest payments while in school
- 6.8% fixed interest rate
Amount qualifying for interest subsidy is limited and in some cases the entire amount will be unsubsidized. Graduate students are eligible for unsubsidized loans only.
Amounts
|
Freshmen
|
$5,500
|
$9,500 |
|
Sophomore
|
$6,500
|
$10,500 |
|
Junior or Senior
|
$7,500
|
$12,500 |
|
Grad Student
| |
$20,500 |
- Repayment begins 6 months after enrolled less than half-time (6 credits) or graduated
- Students are encouraged to begin repayment as soon as possible. To identify the loan servicer (company that, on behalf of the US Dept of Education, handles your loan repayment) and get their contact information, log into www.nslds.ed.gov.
Steps to Receive a Direct Loan:
- File FAFSA and respond to financial aid award letter
- Complete Entrance Counseling by logging into www.studentloans.gov
- Complete Master Promissory Note (MPN) by logging into www.studentloans.gov
For helpful loan repayment calculators and other helpful resources, visit www.geneva.edu/object/financial_literacy
