Office Of Scholarships & Financial Aid
1201 S. State Street,
CSS 101,
Big Rapids, MI 49307
Federal Direct Subsidized and Unsubsidized loans are automatically awarded to admitted students who complete the FAFSA process each academic year. Although the Department of Education has not finalized the interest rates for 2023-24, they have announced that they expect the following rates will be approved:
2023-2024 Academic Year Rates for loans first disbursed after July 1st 2023
5.50% Fixed Interest Rate (Undergraduate Students)
7.05% Fixed Interest Rate (Graduate Students)
1.057% Loan Origination Fee
Federal Direct Subsidized Loans
- Do not accrue interest while the student is enrolled at least half-time and during the six month loan grace period before repayment begins
- Are need-based as determined by the FAFSA
- Only undergraduate students are eligible for subsidized loan
- Time limitation on Direct Subsidized Loan eligibility
Federal Direct Unsubsidized Loans
- Accrue interest at a low fixed interest rate immediately after the loan has disbursed
- Are not need-based
- Are available to both Undergraduate and Graduate students
Eligibility
- Student must be enrolled at least half-time in a degree-granting program
- 6 credit hours for undergraduate students
- 5 credit hours for graduate or professional students (Pharmacy/Optometry)
- 3 credit hours for doctoral students (DCCL)
- Students must complete a FAFSA for the appropriate aid year and complete any other missing requirements (such as verification)
- Student must complete Entrance Counseling
- Student must complete a Master Promissory Note (MPN)
Direct Loan Links
Direct Loan Entrance Counseling/MPN
Federal Loan Frequently Asked Questions
Federal Loan Problem Resolution
Annual Loan Limits
Dependent Students
| Class | Subsidized | Unsubsidized | Total | |
|---|---|---|---|---|
| Freshman (0-25 credits) | $3,500 | + | $2,000 | $5,500 |
| Sophomore (26-55 credits) | $4,500 | + | $2,000 | $6,500 |
| Junior (56-85 credits) | $5,500 | + | $2,000 | $7,500 |
| Senior (86 + credits) | $5,500 | + | $2,000 | $7,500 |
| Graduate | N/A | + | N/A | N/A |
* Student must be enrolled in a Bachelor's degree program to be considered a Junior, regardless of credit hours earned.
Note: Students who are enrolled in Associate Degree programs may not receive more than the sophomore level loan amount, regardless of the number of credit hours they have earned.
Independent Students
| Class | Subsidized | Unsubsidized | Total | |
|---|---|---|---|---|
| Freshman (0-25 credits) | $3,500 | + | $6,000 | $9,500 |
| Sophomore (26-55 credits) | $4,500 | + | $6,000 | $10,500 |
| Junior (56-85 credits) * | $5,500 | + | $7,000 | $12,500 |
| Senior (86 + credits) | $5,500 | + | $7,000 | $12,500 |
| Graduate | N/A | + | $20,500 | $20,500 |
LIFETIME LOAN LIMITS
| Dependency | Subsidized | Unsubsidized | Total | |
|---|---|---|---|---|
| Dependent | $23,000 | + | $8,000 | $31,000 |
| Independent | $23,000 | + | $34,500 | $57,500 |
| Graduate | N/A | + | $138,500 | $138,500 |