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OFFICE OF FINANCIAL AID

Direct Loans for Undergraduate Students

Basic Information
Loan Limits
How to Apply
Repayment


Basic Information

Subsidized Direct Loan

The federal-subsidized Direct Loan is based on financial need, as determined by the results of the Free Application for Federal Student Aid (FAFSA). A loan is Subsidized if the government pays the interest for you during the following periods:

  • While you are enrolled in school at least half-time (6 credit hours for undergraduates during the fall/spring terms and 3 hours for the summer term).
  • During periods of authorized deferment.

Interest rates are set by federal regulation, effective as of July 1 of the academic year.  Currently, undergraduate subsidized Stafford Loans are set at a fixed interest rate of *4.45%. Loan origination fees of  *1.069%  may be deducted from your loans at disbursement.  All loan funds are disbursed in two equal amounts.

*New loan disbursed on or after October 1, 2017, will have a loan origination fee of 1.066%.*

Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan is not based on financial need - the government does not subsidize this loan. As a result, you are responsible for all interest that accrues during school, grace periods and deferment periods. You may choose to make interest payments while in school or capitalize the interest (add it to your loan principal) until repayment.

Interest rates are set by federal regulation, effective as of July 1 of the academic year.  Currently, undergraduate unsubsidized Stafford Loans are set at a fixed interest rate of *4.45%. Loan origination fees of  *1.069% may be deducted from your loans at disbursement.  All loan funds are disbursed in two equal amounts.

*New loan disbursed on or after October 1, 2017, will have a loan origination fee of 1.066%.*

**Due to the Sequestration of Federal Student Aid Programs, interest rate and origination fees may be subject to change.**

 


Loan Limits

 

Federal Direct Loans for Undergraduate Dependent Students

(Whose Parents Have Not Been Denied a PLUS Loan)

Grade Level

Base amount

Additional

Unsubsidized

Total Amounts

Freshman

$3,500

$2,000

$5,500

Sophomore

$4,500

$2,000

$6,500

Junior & Senior

$5,500

$2,000

$7,500

Aggregates

$23,000

$8,000

$31,000

 

Federal Direct Loans for Undergraduate Independent Students

(and Dependent Students Whose Parents Have Been Denied a PLUS Loan)

Grade Level

Base amount

Additional Unsubsidized

Total Amounts

Freshman

$3,500

$6,000

$9,500

Sophomore

$4,500

$6,000

$10,500

Junior & Senior

$5,500

$7,000

$12,500

Aggregates

$23,000

$34,500

$57,500

 

**Loan limits for independent students also apply to dependent students whose parents do not qualify for Parent PLUS Loans. Your eligibility may be less than the federal loan limits. Federal guidelines require that all financial assistance, including loan funds, cannot exceed the cost of attendance.

*Additional Unsubsidized amounts are only available to students classified as independent.


How to Apply

  1.  File a FAFSA online at www.fafsa.gov.  Once your file is complete, the Office of Financial Aid will send you a financial aid award notice.
     
  2. To accept your student loans, login to myWSU and select the Financial Aid Tab, then Financial Aid Awards link.  Keep in mind that you should borrow only what you need.
     
  3. If this is your first Direct Loan at Wichita State University, you must have a  completed online entrance counseling and a Master Promissory Note (MPN)
    on file with the Department of Education.  If you completed a Direct Loan MPN for an earlier loan at WSU, you may not need to complete another one.
     
  4. WSU will certify your loan eligibility and notify the Department of Education.
     

Repayment