• Dependent students - required to provide parent information on the FAFSA 
  • First year (5 - 44 credits) $5,500 per year, ($3,500 subsidized, $2,000 unsubsidized)
  • Second year (45 plus credits) $6,500 per year, ($4,500 subsidized, $2,000 unsubsidized)
• Independent students 
  • First year (0 - 44 credits) $3,500 plus an additional $6,000
  • Second year (45 plus credits) $4,500 plus an additional $6,000

The deadline to apply for the Federal Direct Loan is 10 days prior to the last date of the loan period. Per the Federal Student Aid Handbook and 34 CFR 668.164(j), schools cannot originate loans after the last date of the loan period. The loan deadline is 10 days prior to the last date of the loan period in order to account for processing times. If, however, a student is attending the following term and requesting loans for that following term (in the same academic year), a loan can be processed after the term-loan application deadline.

Provides you with your rights and responsibilities as a student loan borrower. First time Federal Direct Loan borrowers are required to complete Entrance Counseling at www.studentaid.gov

Direct Loan Entrance Counseling Guide for Borrowers of Direct Loans

FSA's How to Prep For Student Loan Repayment

Visit studentaid.gov to manage your student loans, view information about all of the federal student loans you have received, and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid ID and password  to access your information.

Difficulty repaying your loans?  To make payments more affordable, repayment plans can be based on your income. You may also enter into a repayment plans that will allow more time to repay your loans. Work with your loan servicer to choose a federal student loan repayment plan  that is best for you.

The consequences of defaulting can not only impact your ability to borrow but can impact your finances as well. Consequences may include the following:

• The entire unpaid balance of your loan and any interest you owe becomes immediately due.
• Your loans may be turned over to a collection agency.
• You can be sued for the entire amount of your loan.
• You will be liable for the costs associated with collecting your loan, including costs and attorney fees
• Your wages may be garnished.
• Your federal and state income tax refunds may be taken for treasury offset.
• The federal government may withhold part of your Social Security benefit payments.
• Your defaulted loans will appear on your credit history for up to 7 years after the default claim is paid.
• It may take years to reestablish a good credit record.
• You may not be able to purchase or sell assets, such as real estate.
• You will not receive additional federal financial aid until you repay the loan in full or make arrangements to repay what you already owe and make at least six consecutive, on-time, monthly payments. 
• You may be ineligible for assistance under most federal benefits programs.
• You can no longer receive deferment or forbearance, and you lose eligibility for other loan repayment benefits, such as the ability to choose a specific repayment plan.

Cohort Default Rate (CDR)

The percentage of a school's borrowers who enter repayment on federal student loans during a federal fiscal year (October 1 to September 30) and default within the cohort default period.
 

Cohort Fiscal Year or Cohort Year

The fiscal year for which the cohort default rate is calculated. For example, when calculating the 2017 cohort default rate, the cohort fiscal year is FY 2017 (October 1, 2016 to September 30, 2017).
 

Default

Failure to repay a debt. Loans must be repaid.  Making no payments on student loans, that are in repayment status, for 270 days will cause loans to go in a default status. Defaulting on student loans is very detrimental to your credit.
 

Federal Fiscal Year

October 1 to September 30 - Cohort default rates are based on federal fiscal years. Federal fiscal years begin October 1st of a calendar year and end on September 30th of the following calendar year. Each federal fiscal year refers to the calendar year in which it ends.
 

Treasury Offset

When your federal and state income tax refunds are intercepted and applied toward the repayment of your defaulted loan.

Wage Garnishment

When your employer is required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.

• Subsidized interest benefits will be denied.
• You may not be able to renew a professional license.
• You may be prohibited from enlisting in the Armed Forces.