Dean College Loan options
Federal Direct Loan Eligibility
Administered by the U.S. Department of Education, these loans require repayment of the full amount of the loan borrowed. Students may decline a Federal Direct Loan that is offered in the award letter without impacting other forms of aid. Borrowers are entitled to a six-month grace period, which begins upon graduation, withdrawal from the College or when enrollment falls below half time (6 credits). No principal payments are due during the student’s grace period. For more information, please visit www.studentaid.gov.
Direct Student Loan Annual and Aggregate Loan Limits
| Year in College | Dependent Students (except students whose parents are unable to obtain a PLUS Loan) |
Independent Students (and dependent students whose parents are unable to obtain a PLUS Loan.) |
|---|---|---|
| 1st Year – 0-29 Credits earned Undergraduate Annual Limit |
$5,500 of which no more than $3,500 may be subsidized. |
$9,500 of which no more than $3,500 may be subsidized. |
| 2nd Year – 30-59 Credits earned Undergraduate Annual Limit |
$6,500 of which no more than $4,500 may be subsidized. |
$10,500 of which no more than $4,500 may be subsidized. |
| 3rd Year and beyond – 60+ Credits earned. Undergraduate Annual Limit | $7,500 of which no more than $5,500 may be subsidized. |
$12,500 of which no more than $5,500 may be subsidized. |
| Aggregate Subsidized and Unsubsidized Limits | $31,000 of which no more than $23,000 may be subsidized. |
$57,500 of which no more than $23,000 may be subsidized. |
More Information
For more information regarding Federal Student Loans can be found at studentaid.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 Loans Basics to understand the terms and repayment options of their Federal Student Loans.