Dean College Loan options

Federal Direct Student Loan

Federal Direct Student Loans are long-term, fixed-interest rate federal student loans awarded based on a review of your FAFSA, Satisfactory Academic Progress (SAP), and your enrollment status. First-time borrowers must complete a Master Promissory Note (MPN) and an Entrance Counseling session online at https://studentloans.gov

Repayment of Student Loans begins six months after you graduate, withdraw, or drop below half-time enrollment status (six credits). See the current interest rate.

Types of Student Loans

The two types of Student Loans include:

  1. Subsidized: No interest accrues until you graduate, withdraw, or drop below half-time enrollment status.
  2. Unsubsidized: Interest begins to accrue immediately.

Direct Student Loan Annual and Aggregate Loan Limits

Year of Study Dependent Student Amount Independent Student Amount
First Year (0-29 credits) $5,500 (max $3,500 sub) $9,500 (max $3,500 sub)
Second Year (30-59 credits) $6,500 (max $4,500 sub) $10,500 (max $4,500 sub)
Third Year and Beyond (60+ credits) $7,500 (max $5,500 sub) $12,500 (max $5,500 sub)
Aggregate Total Loan Amount $31,000 (max $23,000 sub) $57,500 (max $23,000 sub)

There are also limitations on the number of semesters you can receive Federal Student Loans. Please review the following link for more information: Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers.

More Information 

For more information regarding Federal Student Loans can be found at https://studentloans.gov. For more detailed information regarding Private Student Loans, we recommend you view our Guide to Private Loans. We also recommend all students read the Federal Student Basics to understand the terms and repayment options of their Federal Student Loans.