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The Direct Student Loan

Whether you are an undergraduate or graduate student, a Direct Student Loan can cover up to 100% of your Cost of Education up to an aggregate lifetime maximum of $250,000.

You can apply for a Direct Student Loan online 24 hours a day, 7 days a week. Apply for a loan using the online form and get an online decision in less than a minute. Applying with a creditworthy cosigner may improve your chances of approval and of obtaining a lower interest rate and/or loan fee.

Eligibility

You must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi.) Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian. You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process. You must carry at least a half-time credit load for a private undergraduate or graduate loan.

Features

The funds are disbursed directly to the borrower, not the school. There are no federal forms to complete and no application deadlines. There is a 12-month grace period after graduation before loan repayment begins.

Limits

Loan minimum of $2,500 per academic year. Loan maximum of 100% of the total calculated Cost of Education per academic year with an aggregate lifetime maximum of $250,000.

Interest Rates

Interest rates as low as Prime minus 0.5% to Prime plus 6.5%. Apply with a creditworthy cosigner to increase the chances of approval and of obtaining a lower interest rate and/or loan fee.

Fees

Loan fees range from 0% - 9% depending on the applicants' credit and other underwriting criteria. Loan fees are included in the total amount, so you have no out-of-pocket expenses. Apply with a creditworthy cosigner to increase the chances of approval and of obtaining a lower interest rate and/or loan fee.

Repayment

Loan repayment begins 12 months after graduation or six months after you cease to be enrolled on at least a half-time basis.1 Up to a 25-year repayment term.2 Level and graduated repayment options with forbearance up to one year. There is no prepayment penalty.

Benefits

Interest rate discount up to 0.5% for on-time payments and direct e-payment.3 Interest may be tax deductible for qualified taxpayers.

The Direct Student Loan does not require school certification and the proceeds are disbursed in the form of a check mailed directly to the applicant with the stronger credit profile. The interest rates and loan fees associated with the Direct Student Loan are generally higher than the interest rates and loan fees associated with the School-Certified Student Loan.

¹ For the Direct Student Loan, repayment will begin no later than 60 months (5 years) after the loan is disbursed.

²The repayment period may be less than the 25-year maximum allowed depending on the borrower's indebtedness at the beginning of his or her repayment period and the requirement that the borrower either satisfies a $50 minimum monthly payment amount (level schedule) or the terms of a graduated repayment schedule.

³Borrower benefits terms and conditions are subject to change. The on-time benefit must be earned.