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Federal Student Direct Loans

For more information on Federal Direct Loan eligibility, annual loan limits, and repayment terms please visit the Federal Loans page.

Students must meet all federal financial aid requirements as well as institutional requirements regarding enrollment and academic eligibility. First-time student borrowers (including new graduate student borrowers) must complete online Entrance Counseling and a Master Promissory Note (MPN). Entrance counseling and the Master Promissory Note can be completed online at

Knowing Your Borrowing Responsibilities

Whether you're an undergraduate student taking out loans for the first time, or a graduate student already experienced in the loan-borrowing process, it's important to understand your responsibilities as a borrower.  The following brochure highlights helpful information about securing your loans, understanding loan interest, and maintaining your loan eligibility while in school.  Be sure to read through the brochure to learn about various ways you can stay aware of your borrowing responsibilities. 

What is Online Entrance Counseling?
Continuing your education is an investment for your future. If you decide to make loans a part of this investment, managing the debt you incur is your responsibility. To ensure that you understand this responsibility and the obligation you are assuming, the Department of Education requires first-time student borrowers to participate in loan counseling to outline your rights and responsibilities as a student loan borrower.  Entrance counseling for both undergraduate and graduate students can be completed online at Entrance Counseling must be satisfactorily completed before the first disbursement of any Stafford loan can be made.
What is a Master Promissory Note (MPN)?
First time Direct Loan borrowers must complete a MPN. The MPN can be completed online at The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). You will receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
How Do I Receive Federal Direct Loan Funds?
Federal Direct Loan funds are credited directly to your student account. You, the student, will be notified via your student LOOP email  within 3 days of the disbursement to your student account. In order to have your Direct Loan funds disbursed by the first day of classes, all requirements must be completed by:
  • June 1—Fall Semester
  • November 1—Spring Semester
What are the Terms and Conditions of a Federal Direct Loan?
The specific terms and conditions of the Federal Direct Loan are outlined in the MPN.

    • The Federal Direct Subsidized Loan fixed interest rate effective for 2015-16 is 4.29% with a 1.073% origination fee through September 30, 2015. Loan repayment begins once the student ceases to be enrolled at least half-time. 
  • The Federal Direct Unsubsidized Loan fixed interest rate for undergraduate students effective for 2015-16 is 4.29% with a 1.073% origination fee through September 30, 2015. Loan repayment begins once the student ceases to be enrolled at least half-time.
How Do I Cancel My Federal Student Loan(s)?
All loan cancellation requests can be completed using the Student Loan Adjustment Requst. Students can request a cancellation or reduction to a Federal Direct loan at any time prior to disbursement. Once a disbursement has been made, borrowers have 30 days from the date of their disbursement notification to cancel the loan disbursement by completing a Loan Adjustment Form.
If a request is received after 30 days to cancel the loan, SFS will notify the student that we are unable to process the request. After the 30 day deadline, student borrowers can ‘cancel’ all or a portion of their loan by repaying the amount in full to their Direct Loan Servicer. 
How Do I Reduce My Student Loan?
Students can request a reduction to their Direct Loan by submitting the Student Loan Adjustment Request. Students can request a reduction to a Federal Direct Loan at any time prior to disbursement. Once a disbursement has been made, students may request a reduction to the loan at any time prior to the end of their enrollment period. Students should indicate on the form the gross amount of funds they wish to borrow each semester.

What are My Federal Student Loan Repayment Options?
Click here to learn about your grace period, repayment plans, interest rate, and repayment options. Use this chart to learn more (in English and Spanish).