Direct Unsubsidized Loan
What is a Direct Unsubsidized Loan?
Direct Unsubsidized Loans are loans that help cover the cost of higher education for both undergraduate and graduate or professional students at a four-year college or university, community college, or trade, career, or technical school.
Unlike Subsidized Loans, individuals who take out Unsubsidized Loans are responsible for paying interest during all periods of the loan.
Who is eligible?
Direct Unsubsidized Loans are available to both undergraduate and graduate or professional students. Unlike Direct Subsidized Loans, proof of financial need is not a prerequisite for eligibility.
Prior to receiving a federal loan, students must complete:
- FAFSA application
- Master Promissory Note
- Entrance counseling
Current Unsubsidized Loan Interest Rates
If you receive a federal student loan, you will be required to repay that loan with interest. Interest rates are fixed for the life of the loan.
- For undergraduates, the current interest rate for Direct Unsubsidized Loans is 4.45% (as of July 1, 2017).
- For graduate or professional students, the current interest rate for Direct Unsubsidized Loans is 6% (as of July 1, 2017).
If the borrower does not pay the interest as it accrues, it is capitalized (added to the loan balance).
Maximum loan amount
The maximum Unsubsidized Loan amount is determined by the school and is subject to both annual and aggregate loan limits.
Learn more about federal student loan options for Goodwin University students.
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