*The additional amount may be available to students who borrow loans disbursed on or after July 1, 2008.
**You may receive a higher amount of unsubsidized loan if you meet the Federal Title IV definition of an independent student. Independent freshmen and sophomores may be eligible for up to $4,000 in additional loan funds; juniors or seniors $5,000..
Graduate students are only eligible for Unsubsidized Direct Loans, with an annual limit of $20,500 or their unmet Cost of Education, whichever is lower..
The Federal Direct Student Loan Program also has aggregate (lifetime) limits:
DIRECT STUDENT LOAN MAXIMUMS (AGGREGATE LIMITS)
**Includes all borrowing on the undergraduate level
The Cost of Borrowing
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.
These rates apply to Direct Stafford loans first disbursed between 7/1/2012 & 6/30/2013:
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