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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. 

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.