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There are no steps required to renew Federal Direct Subsidized or Unsubsidized loans for students who received this type of loan at Notre Dame during the previous academic year.
The priority deadline to complete the steps listed above is June 5, 2019.
The Office of Financial Aid will receive confirmation of the completed loan application steps above and will process the loan(s) for the maximum eligibility unless you request otherwise. You will be notified by email when the loan(s) are processed and when the funds disburse.
The application steps should be completed by the priority deadline, if possible. One month after the semester has started, loans will be cancelled if the steps have not been completed. If the student is awarded later, the loans will be canceled within one month of awarding.
If the application steps above have not been completed by the priority deadline, the loans will be cancelled. If the student is awarded late, the loans will be canceled within one month of awarding.
Your Federal Direct Loan award may be Subsidized, Unsubsidized or a combination of the two.
Effective July 1, 2018 the interest rates on all Federal Direct Loans (both subsidized and unsubsidized) are as follows:
Direct Subsidized/Unsubsidized Loans have a 1.066% origination fee charged by the U.S. Department of Education.
Example: A $10,000 loan will have an origination fee of 1.066% ($106.60) deducted from the loan before it is disbursed. $9,893 will disburse to the school. The student borrows $10,000 and must repay $10,000.
Direct Subsidized/Unsubsidized Loans will have a 1.062% origination fee charged by the U.S. Department of Education.
In addition to the information below, please note that a new provision is in place that affects first-time borrowers:
For students enrolled as regular students in eligible programs, annual Federal Direct Loan limits are as follows:
|Graduate Students (pursuing Master's or Ph.D degree, CASE program)||$20,500|
Federal regulations set aggregate, or total, loan limits in addition to the annual loan limits. You cannot borrow more than the aggregate loan limit for all subsidized and unsubsidized loans at all schools.
|Certain Health Professional Students (i.e. Pharmacy)||$65,500||$224,000|