There are
four types of federal direct loans. All are repayable to the U.S. Department of Education after graduation
or withdrawal from college.
- Federal Direct Subsidized loan: Undergraduate
students who demonstrate financial need can borrow up to a set amount each
year. Interest on these loans does not
accrue during enrollment in college or during the six-month grace period after
enrollment ends.
- Federal Direct Unsubsidized loan: Undergraduate
and graduate students can borrow up to a set amount each year. Financial need
is not considered.
- Federal Direct Graduate PLUS loan: Graduate
students can borrow up to the Cost of Attendance each year. Students must have acceptable credit or a
creditworthy endorser.
- Federal Direct Parent PLUS loan: Parents of
undergraduates can borrow up to the Cost of Attendance each year. Parents must have acceptable credit or a
creditworthy endorser.
Find more information about federal loans at studentaid.gov.
Direct Stafford Loan Annual and Aggregate Loan Limits
| Year of Study* | Dependent Student Amount | Independent Student Amount |
|---|
| First year (0–29 credits) | $5,500 (max. $3,500 sub.) | $9,500 (max. $3,500 sub.) |
| Second year (30–59 credits) | $6,500 (max. $4,500 sub.) | $10,500 (max. $4,500 sub.) |
| Third year and beyond (60+ credits) | $7,500 (max. $5,500 sub.) | $12,500 (max. $5,500 sub.) |
| Aggregate Total Loan Amount | $31,000 (max. $23,000 sub.) | $57,500 (max. $23,000 sub.) |
*Year-of-study credit level is based on enrollment in an undergraduate degree program. Tiered eligibility differs for undergraduate diploma.
To-Do List for Federal Student Loan Borrowers
- Log in to MyNewSchool.
- Click on Financial Aid.
- Select the appropriate academic year and submit.
- Click on Federal Direct Loan Offer.
- Click on Accept Award Offer.
- Select Accept or Decline in the drop-down menu for each fund. If you wish to accept a partial loan amount, select Accept and enter the amount you wish to borrow.
- If you are a new borrower at The New School, you must complete both Loan Entrance Counseling and a Master Promissory Note at studentaid.gov.