Direct Loan Reference Sheet 2015-2016

Summary information related to Federal Student Loans for 2015-2016.

Loan Amounts Quick Sheet 2015-2016
July 1, 2015 through June 30, 2016

Year

Dependent
Undergraduate

Independent
Undergraduate

Freshman

$3,500 sub
$2,000 unsub ($5,500)

$3,500 sub
$6,000 unsub ($9,500)

Sophomore

$4,500 sub
$2,000 unsub
($6,500)

$4,500 sub

$6,000 unsub

($10,500)

Junior/Senior

$5,500 sub
$2,000 unsub
($7,500)

$5,500 sub
$7,000 unsub

($12,500)

Maximum Total Debt

$23,000 sub
$31,000 total

$23,000 sub
$57,500 total

Students whose parents are denied the PLUS loan may borrow at Independent amounts.

 

Subsidized vs. Unsubsidized Loans

Federal Subsidized Loan

Federal Unsubsidized Loan

Interest Rate

4.29% Fixed Subsidized

4.29% Fixed Unsubsidized

Interest Accrues While In School

No

Federal government pays the interest that accrues while the borrower is in an in-school, grace, or deferment status.

Yes
Interest accrues from the date of disbursement and continues throughout the life of the loan.

Fees

1.073% origination fee before 10/1/2015

1.068% origination fee on or after 10/1/2015

Annual Loan Limits

Freshman - up to $3,500

Sophomore - up to $4,500

Junior/Senior - up to $5,500

Freshman - $5,500  minus Subsidized Loan

Sophomore - $6,500  minus Subsidized Loan

Junior/Senior - $7,500  minus Subsidized Loan

Repayment

6 months after leaving school or dropping below ½ time

Borrower Benefits

.25% interest rate reduction for auto pay

Aggregate Maximum

$23,000

Dependent $31,000 minus Subsidized Loan borrowed

Independent $57,500 minus Subsidized Loan borrowed

PLUS origination fee 4.292% before 10/1/2015 and 4.272% on or after 10/1/2015.

 

Interest Rate History

Federal Subsidized Loan

Federal Unsubsidized Loan

Federal PLUS Loan

2008-2009

6.0 %

6.8 %

7.9 %

2009-2010

5.6 %

6.8 %

7.9 %

2010-2011

4.5 %

6.8 %

7.9 %

2011-2012

3.4 %

6.8 %

7.9 %

2012-2013

3.4%

6.8%

7.9%

2013-2014

3.86%

3.86%

6.41%

2014-2015

4.66%

4.66%

7.21% 

2015-2016

4.29%

4.29%

6.84%




Keywords:Loan, Direct, Stafford, Subsidized, Unsubsidized, Loan Amounts, Interest Rates, dependent, independent, federal, loan limits, PLUS, loan fees   Doc ID:61921
Owner:Jill B.Group:UW-Extension and Colleges
Created:2016-03-15 11:53 CDTUpdated:2016-05-01 14:59 CDT
Sites:UW-Extension and Colleges
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