Direct Subsidized/Unsubsidized Loans
The attention prices are determined each June for brand new loans being created for the upcoming award year. Each loan need an interest that is fixed for the life of the mortgage. These loans are guaranteed in full by the government that is federal. The FAFSA is the application that is only to get Federal Direct Loans you must accept your loans on MaineStreet to be able to get them.
Repayment on Direct Loans isn’t needed until half a year following the pupil departs college, so long as the pupil continues to be enrolled at half-time that is least. Interest accrual although the learning pupil is in college is based on the type of Direct Loan received (subsidized or unsubsidized). Unsubsidized Direct Loans will accrue interest even though the learning student is with in college.
Interest Levels & Charges
The attention prices for Direct Loans by having a very first disbursement date on or after July 1, 2018 and prior to July 1, 2019 are:
- 5.045% on Subsidized & Unsubsidized Undergraduate Direct Loans
- 6.595% on Unsubsidized Graduate Direct Loan
The origination charge for a Direct Loan is 1.066% for loans originated on or after 1, 2017 and before October 1, 2018 october. For loans originated on or after 1, 2016 and before October 1, 2017, the origination fee was 1.069% october.
Annual and Life Stafford Loan Borrowing Limits
Federal laws specify the most Federal Direct Loan amount any pupil can borrow each educational 12 months, based upon grade degree. Actual eligibility is specified regarding the University of Maine Award Notification and may even be lower than the maximum that is annual
| Grade degree and Dependency | Credit Hours Earned | optimum Direct Subsidized | optimum complete Direct Loan(Subsidized and Unsubsidized) |
| Dependent first-year | lower than 24 | $3,500 | $5,500 |
| Dependent sophomore | 24-53 | $4,500 | $6,500 |
| Dependent junior or senior | 54 and above | $5,500 | $7,500 |
| Independent first-year | not as much as 24 | $3,500 | $9,500 |
| Independent sophomore | 24-53 | $4,500 | $10,500 |
| Independent junior or senior | 54 and above | $5,500 | $12,500 |
| Graduate pupil | any credit hours | N/A | $20,500 |
NOTE: Dependent pupils whoever moms and dads are denied a Federal Direct PLUS Loan meet the criteria when it comes to student that is independent when there is a legitimate Direct PLUS Loan denial (dated within the past 12 months) on file with this workplace.
Life Direct Loan Limits
There are additionally lifetime restrictions regarding exactly just how Stafford that is much loan can borrow. The limitations, effective July 1, 2008, are the following:
| Grade degree and Dependency | optimum Direct Subsidized | optimum Total Direct Loan (Subsidized and Unsubsidized) |
| Dependent undergraduate | $23,000 | $31,000 |
| Independent undergraduate | $23,000 | $57,500 |
| Graduate pupil | $65,500 | $138,500 |
Note: The graduate financial obligation restriction includes loans gotten for undergraduate research.
Loan Repayment and Consolidation
Some pupils may choose to consider consolidating their federal figuratively speaking as a Consolidation Loan. It is an choice who has both advantages and disadvantages, so be sure you investigate this option very very very carefully. To learn more on Consolidation Loans, click on this link.