Undergraduate
Students
Interest Rates
Federal Subsidized Direct Loan: Effective 7/1/2012, the interest rate on subsidized loans first disbursed to undergraduate students between July 1, 2011 and June 30, 2012 will be fixed at 3.4%.
Federal Unsubsidized Direct Loan: The Unsubsidized Direct Loan is currently fixed at 6.8% for undergraduates students.
Origination Fee
There is a 1.0% origination fee; this amount is deducted from your loan before you receive the funds.
Loan Requirements
If you are a first-time Federal Direct Stafford Loan borrower, you must complete an
electronic Master Promissory Note (eMPN) and complete
electronic Pre-Loan Entrance Counseling before you can receive funds.
Loan Maximums
The maximum Federal Direct Stafford Loan amounts available vary according to academic level and dependency status. Please see the tables below for more information.
Dependent Undergraduate Students
| Freshman |
$3,500 |
$2,000 |
$5,500 |
|---|
| Sophomore |
$4,500 |
$2,000 |
$6,500 |
|---|
| Junior/Senior |
$5,500 |
$2,000 |
$7,500 |
|---|
Independent Undergraduate Students
| Freshman |
$3,500 |
$6,000 |
$9,500 |
|---|
| Sophomore |
$4,500 |
$6,000 |
$10,500 |
|---|
| Junior/Senior |
$5,500 |
$7,500 |
$12,500 |
|---|
Lifetime (Aggregate) Loan Limits
There is a maximum lifetime limit that a student can borrow in Direct federal student loans. This is called the Aggregate Loan Limit. Once a student reaches these loan limits, he/she cannot borrow Direct federal student loans. See chart below for the undergraduate lifetime limits.
| $57,500 for undergraduates - No more than $23,000 of this amount may be in subsidized loans. |
For more information visit the
Federal Student Aid website.
Federal Loans for Parents of Dependent Undergraduate Students
Federal Direct PLUS Loan (Parent Loan) Program
The PLUS Loan program is a federal loan program for parents of dependent undergraduate students. Generally, parents are eligible if they do not have an adverse credit history, are not in default on a federal student loan, and meet the other eligibility requirements outlined in the oan application.
A parent may borrow up to the amount of the cost of education minus other financial aid received, including any other educational loans. Currently, the interest rate on the PLUS Loan is a fixed rate of 7.9%. An origination fee of 4.204% is charged to the borrower and deducted from the loan proceeds before disbursement.
Repayment of the PLUS Loan begins 60 days after the final loan disbursement is made; however, a parent borrower can choose to defer payments on the interest and principal until six months after the date the student ceases to be enrolled at least half time. If a parent borrower chooses to defer payments, the accruing interest could either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly. All payments are made to the Federal PLUS Loan servicer.
Applying for the Federal Direct PLUS Loan (Parent Loan)
A Free Application for Federal Student Aid (FAFSA) is required for the Federal PLUS Loan.
Click here to complete the online FAFSA. Our office will send you more information on all your student aid options, including the PLUS Loan, after you complete the FAFSA.
Once you have completed the FAFSA, your parent must go to the
Federal Student Aid website and select “Request a Direct PLUS Loan for Parents.” This will open the secure online Federal PLUS application.
After your parent completes the Federal Parent PLUS application, the federal loan processor will notify the DePaul Office of Financial Aid of your parent’s intent to borrow the Federal PLUS Loan. Our office will then complete the school portion of your PLUS Loan request. We will notify you (the student) by email if we need additional information during the process.
For more details on the PLUS Loan online application process, please refer to our
Parent PLUS Information Sheet.
PLUS loans are not automatically renewed. You and your parent must complete a FAFSA and reapply at the Federal Student Aid website every year. More information on PLUS Loans can be found at the
Department of Education website.
Federal Perkins Loan
DePaul provides loans to undergraduate students through the Federal Perkins Loan program. These funds are awarded to exceptionally needy students and are based upon the availability of funds. Annual awards generally range from $500 to $4,000.
The interest rate on this loan is fixed at 5%. No interest payments or principal payments are due until you are no longer enrolled at least half time and your nine-month grace period has expired.
This loan carries some specific cancellation provisions, including cancellations for students teaching in a designated low-income area or serving in the Peace Corps.
Loan Requirements
If you are a first-time Federal Perkins Loan borrower you must complete the
electronic Master Promissory Note (eMPN) process.
While you need to complete the Federal Perkins eMPN only once, if you are awarded a Federal Perkins Loan in a subsequent year, you will need to complete a
Perkins Loan Reaffirmation.
Receiving Federal Loan Funds
Your federal student loan funds will be disbursed directly to your university student account. Funds are first used to pay tuition and other university expenses. Any remaining credit will be refunded in accordance with the refund preference on file with the university. In general, you will receive an equal amount for each term for which your loan was approved. If you are enrolled less than half time in any term, you cannot receive federal loan funds for that term.
Important Information About Loan Reporting
All federal student loans obtained by a you or your parent are reported to and tracked on the
National Student Loan Data System (NSLDS). NSLDS loan records are accessible to all authorized NSLDS users, including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users.
Only federal loan information is reported to NSLDS: private educational loan information is not reported to NSLDS.
You can view all your federal loan information at NSLDS by logging into the system with your federal pin. Your parent also can view any parent or student loans he or she has borrowed, by logging in with his or her federal pin.
Graduate/Law
Students
Interest Rates
Federal Unsubsidized Direct Loan: The interest rate for the Federal Unsubsidized Direct Loan is currently fixed at 6.8%.
Origination Fee
There is a 1% origination fee; this amount is deducted from your loan before you receive the funds.
Loan Requirements
If you are a first-time Federal Direct Stafford Loan borrower, you must complete an
electronic Master Promissory Note (eMPN) and complete
electronic Pre-Loan Entrance Counseling before you can receive funds.
Loan Maximums
The Federal Government sets the loan maximums. The annual unsubsidized loan limit cannot exceed $20,500. In addition, there are lifetime loan limits. Please review the chart below.
Federal Direct Graduate Student Plus Loan
An additional resource for graduate and professional students is the Federal Direct Graduate Student PLUS Loan Program. The Graduate Student PLUS Loan allows credit-worthy graduate students to borrow up to the full cost of attendance, minus any other financial aid. This program may be of interest if you need additional assistance to cover educational costs after other forms of aid have been awarded. The Federal Direct Graduate Student PLUS Loan shares its terms and conditions with the Federal Direct PLUS Loan (Parent Loan) program.
Borrower Eligibility
- You must be a graduate or professional student enrolled at least half time in a degree-seeking program to qualify for the Federal Grad PLUS Loan
- You must complete a Free Application for Federal Student Aid (FAFSA) and meet all federal eligibility requirements, including:
- You need to be a U.S. citizen or eligible non-citizen
- You need to be in good academic standing and make continuous academic progress in your course of study
- You must not be in default on any federal loan or owe a repayment on any federal grant
- You will need to be in compliance with all federal regulations governing selective service registration and the use of federal funds for educational purposes
- You must first apply for your maximum loan eligibility through the Direct Subsidized and Direct Unsubsidized loan before the Grad Plus Loan can be awarded
- Your loan will need to be approved by the Federal Direct Loan Servicer (the loan service for the U.S. Department of Education). Part of the loan approval will require a basic credit check
Loan Terms
You may borrow up to the amount of the cost of education minus other financial aid received, including any other educational loans. The interest rate is currently 7.9%. An origination fee of 4% will be deducted from the loan proceeds prior to disbursement. Interest will accrue on the loan while you are in school and until the loan is paid in full.
An Important Consideration
The Federal Direct Graduate Student PLUS Loan program is one of many credit-based educational loan choices for graduate study. You are encouraged to compare the interest rates, credit check requirements, conditions, terms, and repayment of Graduate Student PLUS Loans with those of private/alternative loans.
The credit check for the Graduate Student PLUS Loan will not be as stringent as that of most private/alternative loans, which often look at debt-to income ratio. Graduate Student PLUS Loans can be consolidated with other Federal Direct Loans (subsidized/unsubsidized), which allows students to have only one payment after graduation (private/alternative loans cannot be consolidated with federal loans). Interest rates tend to be lower than many private/alternative loans. The Graduate Student PLUS Loan has different requirements regarding deferment during regular and summer terms.
If you wish to apply for the Federal Direct Graduate PLUS Loan, please complete the following steps:
- Complete a FAFSA application online and meet all federal eligibility requirements
- Complete the online Grad PLUS application in Campus Connection using this path: View My Financial Aid > Aid Year > Accept/Decline > Grad PLUS Online Application.
- First-time Graduate Student PLUS Loan borrowers must complete the online Entrance Counseling Session and an electronic Master promissory Note (eMPN). For the entrance counseling, select "Combination - Stafford and PLUS Loans" and you will complete both the Graduate Student PLUS Loan and Stafford Direct loan requirements for Entrance Counseling.
For more information visit the Federal Student Aid website.
Receiving Federal Loan Funds
Your federal student loan funds will be disbursed directly to your university student account. Funds are first used to pay tuition and other university expenses. Any remaining credit will be refunded in accordance with the refund preference on file with the university. In general, you will receive an equal amount for each term for which your loan was approved. If you are enrolled less than half time in any term, you cannot receive federal loan funds for that term.
Important Information About Loan Reporting
All federal student loans obtained by a you or your parent are reported to and tracked on the National Student Loan Data System (NSLDS). NSLDS loan records are accessible to all authorized NSLDS users, including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users.
Only federal loan information is reported to NSLDS: private educational loan information is not reported to NSLDS.
You can view all your federal loan information at NSLDS by logging into the system with your federal pin. Your parent also can view any parent or student loans he or she has borrowed, by logging in with his or her federal pin.