Federal Direct Student Loans
Federal student loans are student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of their education at an eligible university, college, community college, trade school, career school, or technical school. In order to be eligible, students must complete the FAFSA yearly.
The Federal Direct Loan Program offers the following types of federal student loans:
- Federal Direct Subsidized Loan - Only available to undergraduate students who have financial need (Cost of Attendance - Student Aid Index = Financial Need). Eligibility for this loan is determined by the school and the information submitted on the FAFSA. The amount you borrow, cannot exceed the aggregate limit or your financial need. Interest is paid for by ED while the student is enrolled at least half-time, during the grace period (six months after the student withdraws, drops below half-time, or graduates) and during certain deferments or forbearance. Repayment does not begin until six months after the student graduates, withdraws, or drops below half-time enrollment.
- Federal Direct Unsubsidized Loan - Available to undergraduate and graduate/professional students who complete the FAFSA for that year. Borrower limits are determined by the school, but they cannot exceed the aggregate limit or cost of attendance. The borrower is responsible for the payment of any interest that accrues on the loan. Repayment does not begin until six months after the student graduates, withdraws, or drops below half-time enrollment.
- Federal Direct Parent PLUS Loan - This loan can help pay for education expenses not covered by other financial aid. In order to be eligible, the parent must be the biological, adoptive, and in select cases, the stepparent of a dependent undergraduate student. In addition to this, the parent applying cannot have any adverse credit history (additional qualifications required if so), and must meet the general eligibility requirements for federal student aid. Please note that the student must first submit a FAFSA for you to be eligible for a PLUS loan, even if your student receives no federal aid. Parents are able to borrow up to the school's cost of attendance, minus any other financial aid. Payments are due once the loan is fully disbursed. However, parents can request an in-school deferment with the loan servicer to delay repayment until six months after the student graduates, withdraws, or drops below half-time.
- Federal Direct Graduate PLUS Loan - Only eligible to graduate or professional students enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate. In addition, students cannot have any adverse credit history (additional qualifications required if so), and must meet the general eligibility requirements for federal student aid.
Check out these videos from the Department of Education on Responsible Borrowing and Repayment.
Federal Direct Loan Interest Rates and Origination Fees for 2024-2025
| Loan Type | Fixed Interest Rate* | Origination Fee** |
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | 6.53% | 1.057% |
| Direct Unsubsidized Loans for Graduate or Professional Students | 8.08% | 1.057% |
| Direct PLUS loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students | 9.08% | 4.228% |
*Interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after July 1, 2024 and before July 1, 2025
**Origination fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after October 1, 2020
2023-2024 Interest Rates and Origination Fees
Federal Direct Loan Aggregate Limits
| Year | Dependent Students (except students who parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students who parent are unable to obtain PLUS Loans) |
| 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 Student Annual Loan Limit | Not applicable (all graduate and professional degree 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. |
LOAN FEE CALCULATOR
To determine the amount of money that you will either receive from your federal loan or the amount you need to request before the origination fee is deducted, please click here.
The Abe and Cora Hurwitz Student Loan Program
The Abe and Cora Hurwitz Student Loan was established by the estate of Cora Rabinowitz Hurwitz in honor of her commitment to education and the memory of her husband Abe, Dickinson Class of 1934. This low-interest loan is only offered to students demonstrating financial need. Effective July 1, 2020, all new loans issued under the Abe and Cora Hurwitz Program will be at a fixed interest rate of 2.5% APR, with a review of the APR annually. The interest does not accrue on this loan until graduation occurs or matriculation ends at Dickinson College. After a 6 (six) month grace period, the monthly payments will begin [including both principle and interest]. Visit here for more information on repayment.
Tuition Payment Plan
More and more families are making college costs affordable by arranging for monthly payments. Dickinson College offers an interest-free monthly payment plan administered through Nelnet Campus Commerce. Click here to sign up or to find more information provided by our Student Accounts Office.
Their payment plan allows you to spread out your fall semester balance over five months (June to October) and spread out your spring semester balance over five months (November to March) for a small fee of $50.00 per semester enrollment.
For fall enrollments families may contact Nelnet Campus Commerce as early as May to set up a 5 month payment plan which runs from June 1 through October 1. The fall enrollment deadline is August 1st.
For spring enrollments families may contact Nelnet Campus Commerce as early as October to set up a 5 month payment plan which runs from November 1 through March 1. The spring enrollment deadline is January 1st.
Private Educational Loans
Families may wish to consider a private, credit-based educational loan to help fund remaining costs. Submission of a FAFSA is not required to apply for a private loan, but the student usually must obtain a credit-worthy U.S. co-signer for the loan to be approved. Dickinson recommends that families first consider other options, including the federal Direct student and Parent PLUS loans listed above, before taking out a private loan. Learn more about private educational loans.
ELMSelect
To find and compare a list of lenders that Dickinson students have used, visit our ELMSelect page.
Financing for Families
At Dickinson, we understand each family's financial situation is unique. We encourage families to consider their choices as they create a financial plan and invest in their child's education. There are a variety of ways to borrow funds for educational expenses. Here is a chart to help you explore some financing options.
Loan Repayment Information
The Office of Financial Aid at Dickinson College has created this helpful guide for our alumni and current students. In it, you will find information and links that cover everything from what to do while you are enrolled through the end of repayment.