DePaul University > Admission & Aid > Financial Aid > Types of Aid > Federal Loans
If you meet all
federal eligibility requirements and complete a FAFSA, you, and possibly your parent, will be considered for the Federal Direct Loan Program. There are three types of Federal Direct Loans:
Federal Direct Subsidized Loan: is a loan for undergraduate students. Eligibility is determined by your financial need from your FAFSA. Loan maximums vary according to academic level and dependency status. The government pays the interest while you are enrolled at least half-time.
Federal Direct Unsubsidized Loan: is a loan for undergraduate or graduate/law students. Eligibility is not based on financial need from your FAFSA. Loan maximums vary according to academic level and dependency status. The interest on the Direct Unsubsidized Loan accrues from the date of disbursement.
Federal Direct PLUS Loan: is a credit-based loan for parents of dependent undergraduate students (Parent PLUS) or graduate/law students (Grad PLUS). Generally, borrowers are eligible if they:
The interest accrues from the date of disbursement. A borrower may request up to the amount of the cost of education minus other financial aid received, including any other educational loans. Visit the
Federal Direct PLUS Loans page for more information.
If you are a first-time Federal Direct Loan borrower, you must complete a Master Promissory Note (MPN) and online Counseling before you can receive funds. We recommend that you also complete the Annual Student Loan Acknowledgement each academic year. Your individual loan requirements will appear as To Do items in your Campus Connect Tasks tile.
The MPN is a legal promise to repay the loan (including interest and fees). Entrance Counseling helps you understand loan concepts and the financial obligation you are assuming.
Counseling is to ensure that you understand the responsibilities and obligations you are assuming. Graduate or parent PLUS Loan borrowers who apply with an endorser or appeal a credit decision are required to complete PLUS Credit Counseling. Finally, all student borrowers must complete Exit Counseling to prepare for federal loan repayment.
The Annual Student Loan Acknowledgement will become an annual loan requirement for all borrowers (students and parents), and we recommend you complete this now to understand how your loans affect your financial future.
Your Federal Direct Loan offer is calculated based on your academic grade level at the time of awarding. If your grade level changes after you are awarded, and you wish to be considered for additional loan funding based on that change, please complete the Request to Adjust Federal Loans, available on the Loan Forms webpage. Here are the maximum loan amounts:
There are maximum lifetime limits you can borrow in subsidized and unsubsidized loans called the aggregate loan limit. Once you reach these limits, you can no longer borrow Federal Direct Loans.
Note: If your parent has borrowed a Federal Direct Parent PLUS loan, and a credit balance occurs as a result of their loan disbursement to your student account, the credit balance will be refunded based on the preference established by your parent. Visit our Federal Direct Parent PLUS Credit Balance FAQ for more information.
You have the right to cancel any student loan within fourteen days of disbursement. If you would like to request the cancellation of a disbursed loan, contact the Office of Financial Aid at DePaul Central. Please remember that cancellation of your student loan disbursements will remove credits already applied to your account and, therefore, may result in a balance due. This balance will be your responsibility.
All federal student loans obtained by you or your parent are reported to and tracked in the My Aid section of your studentaid.gov account. Log in using your Federal Student Aid ID username and password. Your loan records are accessible to all authorized users, including schools, student loan guaranty agencies, lenders, federal agencies and other authorized users. Only federal loan information is reported to Federal Student Aid - private educational loan information is not reported here.