University of Charleston

Federal Direct Subsidized Loan

  • Based upon need
  • No interest while a student is registered for at least six credit hours
  • Origination Fee 1.062% fee (as of October 1, 2018)
  • Interest rate 4.53% (loans first disbursed on or after 7/1/19 and before 7/1/20)
  • Repayment on the principal begins six months after completing program of study or dropping below six credit hours

 

Federal Direct Unsubsidized Loan

  • Non-need based loan
  • Interest begins as soon as the loan is disbursed
  • The student may choose to make payments on the interest while they are in school or choose to have the interest capitalized
  • Interest rate of 4.53% (undergraduate) (loans first disbursed on or after 7/1/19 and before 7/1/20)
  • Interest rate of 6.08% (graduate)
  • Origination Fee 1.062% fee (as of October 1, 2018)
  • Repayment on the principal begins six months after completing program of study or dropping below six credit hours

 

Federal Direct PLUS or Graduate PLUS Loan Program

  • Repayment on the principal and interest begins as soon as the loan is disbursed. Parents and Graduate students may also have their loans deferred
  • Interest Rate of 7.08% (loans first disbursed on or after 7/1/19 and before 7/1/20)
  • Origination Fee 4.248% fee (as of October 1, 2018)
  • The parent and graduate student must pass a credit check to qualify for a PLUS Loan
  • Maximum amount that may be borrowed is the student’s cost of attendance less other estimated financial aid

 

Annual and Aggregate Loan Limits

The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans.

Year Dependent Undergraduate Student Independent Undergraduate Student (and dependent students whose parents are unable to obtain the parent plus)
First Year$5,500—No more than $3,500 of this amount may be in subsidized loans.$9,500—No more than $3,500 of this amount may be in subsidized loans.
Second Year$6,500—No more than $4,500 of this amount may be in subsidized loans.$10,500—No more than $4,500 of this amount may be in subsidized loans.
Third Year$7,500—No more than $5,500 of this amount may be in subsidized loans.$12,500—No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt from
Stafford Loans When You Graduate (aggregate loan limits)
$31,000 - Total

$23,000 – Is the maximum amount allowable in subsidized loans.
$57,500—No more than $23,000 of this amount may be in subsidized loans.

Visit www.studentloans.gov to learn more about the Federal Direct Loan Programs.

The following steps must be completed to receive your Direct Loans

Federal Direct Loan

  • Complete the Loan Entrance Counseling interview
  • Complete the Master Promissory Note (MPN) for Federal Direct Loan
  • https://studentloans.gov

 

Federal Direct PLUS Loan Program for Parents and Graduate Students

  • Parents and graduate students complete the PLUS loan credit application at https:studentloans.gov
  • Graduate students and Parents (with adverse credit) will need to complete the loan entrance counseling for the PLUS loan
  • Parents and graduate students with approved credit application will need to complete the Master Promissory Note (MPN)