2021 – 2022 Federal Direct Unsubsidized Loan Request
Fall 2021/Spring 2022
The Federal Direct Unsubsidized Loan is a low-interest loan available to students for post secondary educational expenses. Most domestic matriculated students are eligible for an Unsubsidized Loan each academic year. The Federal Direct loan program is part of the Title IV aid program that offers Federal financial assistance to students and includes, among other funds, the Direct Unsubsidized and Direct Graduate PLUS loan.
The Direct Unsubsidized loan is made to the student who is responsible for repayment. The interest rate for all Direct Unsubsidized Loans disbursed on or after July 1, 2020 and prior to July 1, 2021 is a fixed rate of 4.30%. The Origination fee is 1.059% for loans disbursed after October 1, 2019 and prior to October 1, 2020.
You are eligible to participate in the Federal Direct Loan Program if you are:
- A U.S. citizen or permanent resident
- Enrolled in a degree program on at least a half-time basis (or considered at least half-time by your School/College) and credits count towards your degree
- Making satisfactory academic progress
- Do not have an outstanding balance from a prior period of enrollment at Boston University
- Have not met the cumulative (aggregate) limit for the Federal Direct (formerly Stafford) Subsidized/Unsubsidized loan program of $138,500 for graduate and professional students, including any amount borrower for undergraduate study.
Borrowing Limits
Annual
Graduate and professional students are eligible to borrow up to $20,500 in a Direct Unsubsidized Loan each academic year.
Lifetime (Aggregate)
The cumulative (aggregate) limit for the Federal Direct Loan program is $138,500 for graduate and professional students, including any amount borrowed for undergraduate study.
Fund Availability
Once you have completed all necessary requirements (valid FAFSA, Entrance Counseling, and MPN) and your loan has been processed, your loan funds will be applied directly to your student account. If this creates a credit on your account you may be able to request a refund by completing the following steps:
- Login to Student Link
- Go to Money Matters tab
- Select “Student Account Inquiry”
- Select “Request Refund” link
- Follow guidelines so request can be direct deposited into a bank account
Please note that refunds cannot be approved until the first day of your scheduled classes due to Federal regulations on Federal financial aid refunds.
Repayment
You are required to begin repayment six months after you graduate, leave school, or cease to be enrolled at least half-time (typically less than 6 credits per semester). During this six month grace period you will receive repayment information from your loan servicer and you will be notified of your first payment due date. All students are required to complete loan Exit Counseling upon graduation, dropping to less than half-time status, or ceasing to be enrolled. Exit Counseling is a tool used to help you navigate student loan repayment. You can also visit StudentAid.gov for more information regarding your Federal loans and repayment information.
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Boston University Questrom School of Business
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