The federal government makes it possible for many students to attend college through the Direct Loan Program. These loans are not credit based and are funded by the federal government though disbursed by NDNU. It will serve you well to understand what your annual and aggregate loan limits are through the Direct Loan program as you plan your college financing future.
Direct Loan Annual and Aggregate Amounts
|Year||Dependent Students||Independent Students|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans.||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
|Third-Year and Beyond Undergraduate Annual Loan Limit||$7,500—No more than $5,500 of this amount may be in subsidized loans.||$12,500—No more than $5,500 of this amount may be in subsidized loans.|
|Graduate or Professional Students Annual Loan Limit||Not Applicable (all graduate and professional students are considered independent)||$20,500 (unsubsidized only)|
|Subsidized and Unsubsidized Aggregate Loan Limit||$31,000—No more than $23,000 of this amount may be in subsidized loans.||
$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
Applying for and Accepting Direct Loans
Your financial aid award letter from NDNU lists the total amount of loans for which you qualify for the academic year. You will be disbursed the amount of loan indicated by semester unless you inform the NDNU Office of Financial that you would like to cancel or alter the amount of the loan.
Direct Loan Resources
A private student loan is a financing option that can replace or supplement federal student loans. Interest rates are set by the private financial institution that underwrites the loan and these rates can vary based on a borrower’s credit history.
To view a list of private loans that have been selected by Notre Dame de Namur University students, go to www.elmselect.com. The loan programs displayed on this website are for informational purposes only. Borrowers are free to choose any participating lender.