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Federal Direct Loan Programs for Students

The Department of Education offers three different types of Federal Direct Loans depending upon what type of student you are: Subsidized, Unsubsidized and PLUS (Graduate and Parent).

Undergraduate Direct Loans

Eligibility Requirements

  • U.S. Citizen or permnanent resident
  • Enrolled at least half-time in a degree program
  • Not in default on prior education loan(s)

Annual Loan Limits

Grade Level  Annual Maximums for Dependent Students Annual Maximums for Independent Students  Maximum Amount that can be Subsidized 
Freshmen  $5,500.00  $9,500.00  $3,500.00
Sophomore  $6,500.00  $10,500.00  $4,500.00 
Pre-Junior (Drexel Only)/Junior  $7,500.00  $12,500.00  $5,500.00 
Senior  $7,500.00 $12,500.00  $5,500.00 
Aggregate Amount  $31,000.00 $57,500.00  $23,000.00 
Post Bacs  $5,500.00 $12,500.00 $5,500.00 

Note: The total annual amount limit may not exceed Drexel's cost of attendance less other financial assistance you receive.

Interest Rate

Please see Federal Direct Loan Interest Rates page.

Fees

  • 1.05% origination fee for loans with a first disbursement between July 1, 2013 and November 30, 2013.
  • 1.072% origination fee for loans with a first disbursement on or after December 1, 2013.

Definitions

  • Subsidized Loan - Department of Education pays the interest on the loan during the student's in-school deferment period; interest does not start to accrue on loan until student graduates, drops below part-time status or withdrawals from the university.
  • Unsubsidized Loan - Interest starts to accrue on the loan after it disburses to the student's account.
  • Aggregate Amount - Total amount student is eligible to receive for their degree program.
  • Origination Fee - Fee that is subtracted from the gross amount of the loan and paid to the servicer before the loan is disbursed to the student's account.

Source - U.S. Department of Education

Graduate Direct Unsubsidized Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Enrolled at least half-time in a degree program
  • Not in default on prior education loan(s)

Annual Loan Limits for Unsubsidized Loans

Grade Level  Limit for Unsubsidized Loans HEAL Limit Total
Graduate and Law $20,500.00  N/A  $20,500.00
Medical (9 months) $20,500.00  $20,000.00  $40,500.00 
Medical (10 months) $20,500.00  $22,222.00  $42,722.00 
Medical (11 months) $20,500.00 $24,444.00 $44,944.00 
Medical (12 months) $20,500.00 $26,667.00  $47,167.00 
Public Health (9 months)  $20,500.00  $12,500.00  $33,000.00 
Public Health (10 months)  $20,500.00  $13,889.00  $34,389.00 
Public Health (11 months)  $20,500.00  $15,278.00  $35,778.00 
Publich Health (12 months)  $20,500.00  $16,677.00  $37,177.00 
Aggregate Loan Limits 
  • $138,500.00 for Graduate and Law Students
  • $224,000.00 for Medical Students

Note: The total annual amount limit may not exceed Drexel's cost of attendance less other financial assistance you receive.

Interest Rate

Please see Federal Direct Loan Interest Rates page.

Fees

  • 1.05% origination fee for loans with a first disbursement between July 1, 2013 and November 30, 2013
  • 1.072% origination fee for loans with a first disbursement on or after December 1, 2013.

Definitions

  • Unsubsidized Loan - Interest starts to accrue on the loan after it disburses to the student's account.
  • Aggregate Amount - Total amount student is eligible to receive for their degree program.
  • Origination Fee - Fee that is subtracted from the gross amount of the loan and paid to the servicer before the loan is disbursed to the student's account.

Source - U.S. Department of Education

Graduate Direct PLUS Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Be a graduate or professional student
  • Satisfactory credit history (income to debt ratio is not considered)

Annual Loan Limits

Cost of Attendance minus other financial aid you are receiving.

Note: The total annual amount limit may not exceed Drexel's cost of attendance less other financial assistance you receive.

Interest Rate

Please see Federal Direct Loan Interest Rates page.

Fees

  • 4.204% origination fee for loans with a first disbursement between July 1, 2013 and November 30, 2013.
  • 4.288% origination fee for loans with a first disbursement on or after December 1, 2013.

Definitions

  • Origination Fee - Fee that is subtracted from the gross amount of the loan and paid to the servicer before the loan is disbursed to the student's account.

Source - U.S. Department of Education

* Please note that in order to be considered for a Graduate PLUS Loan, you must apply on-line at www.studentloans.gov.