Direct Subsidized/Unsubsidized Loans
The attention prices are determined each June for brand new loans being created for the upcoming award year. Each loan could have a fixed interest when it comes to life of the mortgage. These loans are fully guaranteed by the authorities. The FAFSA may be the application that is only to receive Federal Direct Loans you must accept your loans on MaineStreet so that you can get them.
Repayment on Direct Loans is not needed until half a year following the pupil actually leaves college, so long as the pupil remains enrolled at minimum half-time. Interest accrual even though the learning pupil is in college is based on the sort of Direct Loan received (subsidized or unsubsidized). Unsubsidized Direct Loans will accrue interest as the learning pupil is with in college.
Interest Levels & Charges
The attention prices for Direct Loans by having a disbursement that is first 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 October 1, 2016 and before October 1, 2017, the origination charge ended up being 1.069percent.
Annual and Life Stafford Loan Borrowing Limits
Federal laws specify the most Federal Direct Loan quantity any pupil can borrow each scholastic 12 months, based upon grade degree. Real eligibility is specified regarding the University of Maine Award Notification and can even be significantly less than the maximum that is annual
| Grade amount and Dependency | Credit Hours Earned | Maximum Direct Subsidized | optimum complete Direct Loan(Subsidized and Unsubsidized) |
| Dependent first-year | lower than florida online installment loans 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 | lower than 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 separate pupil restrictions when there is a legitimate Direct PLUS Loan denial (dated within the past 12 months) on file with your workplace.
Lifetime Direct Loan Limits
There are life time restrictions regarding exactly just how much Stafford Loan you can borrow. The limitations, effective July 1, 2008, are the following:
| Grade amount 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 limitation includes loans gotten for undergraduate research.
Loan Repayment and Consolidation
Some pupils might want to think about consolidating their federal student education loans in to a Consolidation Loan. This can be an alternative which has both advantages and disadvantages, so make sure you investigate this option very very carefully. To learn more on Consolidation Loans, click the link.