All Summer 2012 Loan Requests should be submitted no later than June 15, 2012
As of July 1, 2012 rebates on federal loan fees will be eliminated. Therefore, it is to your benefit to make sure that you complete all requirements to receive your summer loan(s) before June 15, 2012. This legislation was part of the Budget Control Act of 2011.
This means that the full 1% fee on Direct Subsidized/Unsubsidized loans will be deducted from loans disbursed as of July 1, 2012. This means an additional $50 in fees will be deducted from a $10,000 loan. In addition, loans processed after July 1, 2012 will be more at risk of being delayed because they will be processed manually with the Dept. of Education. |
Eligibility for subsidized loans is need based. the federal government pays (subsidizes) the interest during in-school and grace periods for subsidized loans. For unsubsidized loans, the interest which accrues during in-school and grace periods may be paid by the student or capitalized. Students are not required to make payments on Direct Subsidized/Unsubsidized loans until after their in-school and grace periods are over.
- Fixed interest rate of 6.8% for all Direct Subsidized/Unsubsidized loans
- Net origination fee of 0.5% deducted from each Direct Subsidized/Unsubsidized loan disbursement. This fee is calculated by taking the loan origination fee and reducing it by an up-front rebate that assumes 12 monthly on-time payments.
Click here for the paper 2012 Summer Direct Subsidized/Unsubsidized Loan Request Form
Annual Subsidized/Unsubsidized Loan Limits
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Subsidized Eligibility
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Unsubsidized Eligibility
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Total
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All Graduate Students
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$8,500
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$12,000
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$20,500
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Lifetime Aggregate Unsubsidized/Subsidized Loan Limit
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Graduate Students
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$138,500 of which $65,500 can be subsidized
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