*Subsidized loans require financial need. Students without sufficient financial need can still borrow the same total loan Direct Loan amounts, but more or all of their loans will be Unsubsidized. Graduate students are only eligible for Unsubsidized Direct Loans..
The Federal Direct Student Loan Program also has aggregate (lifetime) limits:
AGGREGATE (Lifetime) DIRECT LOAN LIMITS
*The graduate limit includes all undergraduate and graduate loans.
The Cost of Borrowing
Interest Rates & Loan Disbursement Fees
Loan financing costs include the interest that accrues during the life of the loan and a Loan Disbursement Fee that is deducted from each loan disbursement.
The 2014-15 rates listed below applied to annual loans first disbursed between 7/1/2014 & 6/30/2015:
Entrance Loan Counseling
You will pay 1.0 percent of your Direct Student Loan proceeds to the U.S. Department of Education as a loan origination fee. This fee will be deducted from each disbursement before it is credited to your university account.
Entrance Loan Counseling
When you are a new borrower of a Federal Direct Student Loan at Towson University, you must complete an entrance loan counseling session so that you will know your rights and responsibilities as a borrower. The on-line session will take you about 20 minutes to complete.
Borrowing from the Direct Loan program requires the completion of an Electronic Master Promissory Note (e-MPN). You can use the e-MPN to make one or more loans for one or more academic years while attending Towson University.
You will begin to repay your loan at the end of a 6-month grace that begins when you graduate, leave school, or drop below half-time enrollment (6 units).
Borrowers have four repayment options:
You can estimate your monthly payments with various repayment plans by using the repayment calculators available online from the U.S. Department of Education’s Direct Loan Web site.
You may consider a Federal Direct Consolidation Loan to simplify repayment by combining loans from the Federal Direct Student Loan Program, the Federal Family Education Loan (FFEL) Program, and the Federal Perkins Loan Program. (Towson University does not participate in the Federal FFEL Program.)
If you have questions about repayment or a problem making a payment on your loan, the Direct Loan Servicing Center (1-800-848-0979) will work with you to help you avoid the costs and adverse consequences of delinquency. Deferment and forbearance are options that can help you manage the repayment of your loan.
Financial Aid Office