Federal Student Loans
Federal Student Loan Types & Repayment Options
| Student Type | Subsidized | Total (subsidized and unsubsidized) |
|---|---|---|
| Freshman | $3,500 | $5,500 |
| Sophomore | $4,500 | $6,500 |
| Junior and Higher | $5,500 | $7,500 |
| Student Type | Subsidized | Total (subsidized and unsubsidized) |
|---|---|---|
| Freshman | $3,500 | $9,500 |
| Sophomore | $4,500 | $10,500 |
| Junior and higher | $5,500 | $12,500 |
| Student Type | Subsidized | Total (subsidized and unsubsidized) |
|---|---|---|
| Graduate Students | Not eligible | $20,500 |
| Student Type | Subsidized | Total (subsidized and unsubsidized) |
|---|---|---|
| Dependent Undergraduates (whose parent did not apply for or was approved for a Parent PLUS Loan) | $23,000 | $31,000 |
| Independent Undergraduates & Dependent Undergraduates (whose parent was denied for a Parent PLUS Loan), and Teaching Certification Certificate Programs. | $23,000 | $57,500 |
| Graduate Students (Master's, Specialist, Doctoral, and all additional Certificate programs with the exception of programs ineligible for Title IV aid). | $65,000 | $138,500 |
Subsidized Loan
This loan program allows you to borrow directly from the government at a low interest rate if you have financial need and are attending at least half-time (6 hours or more for undergraduates). No repayment is due and no interest accrues until 6 months after you graduate, leave school, or cease to be enrolled half-time. Graduate students are not eligible for subsidized student loans.
Loans disbursed between July 1, 2023 to July 1, 2024 have a fixed interest rate of 5.50%. The rate is subject to change each year. Origination fees are deducted from the original loan amount that you accept.
- Loans disbursed on or after October 1, 2020 and before October 1, 2024 will have an origination fee of 1.057%.
As a first time borrower at UWG, you will be required to complete a Loan Entrance Counseling Session and an electronic Master Promissory Note (MPN). Both of these requirements can be completed on the Federal Student Aid site by signing in with your PIN. You will also be required to complete an Exit Counseling Session if you graduate, transfer to another school, withdraw from school, or drop below half-time.
Unsubsidized Loan
This loan program allows you to borrow directly from the government at a low interest rate if you are attending at least half-time (6 credit hours or more for undergraduates, 3 hours or more for regular graduate students). No repayment is due on the loan until 6 months after you graduate, leave school, or cease to be enrolled half-time. Interest begins to accrue while you are in school.
- For undergraduate students, loans disbursed between July 1, 2023 and July 1, 2024 will have a fixed interest rate of 5.50%.
- For graduate students, loans disbursed between July 1, 2023 and July 1, 2024 will have a fixed interest rate of 7.05%.
It is strongly recommended that you pay the accruing interest while you are in school. Origination fees are deducted from the original loan amount that you accept.
- Loans disbursed on or after October 1, 2020 and before October 1, 2024 have an origination fee of 1.057%.
Parent PLUS Loan
This loan is available to parents of dependent undergraduate students, regardless of financial need. The loan requires a separate application and is approved based on the parents' credit history. For instructions on applying for a Parent PLUS Loan, please use the Parent PLUS Loan Application Instruction Sheet (PDF, 764K).
Loans disbursed between July 1, 2023 and July 1, 2024 will have a fixed interest rate of 8.05%. The interest begins to accrue the day the loan is disbursed and repayment begins within 60 days. You may request a deferment on the loan while your student is enrolled at least half-time. If the loan is deferred, interest will accrue during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Origination fees are deducted from the original loan amount that you accept.
- Loans disbursed on or after October 1, 2020 and before October 1, 2024 have an origination fee of 4.228%.
A Master Promissory Note (MPN) must be completed on the Federal Student Aid site by the borrower to receive the loan. This is a separate Master Promissory Note than what is completed by the student.
Graduate PLUS Loan
This loan program allows regular graduate students (pursuing a graduate or professional degree) to borrow an amount up to the cost of attendance, minus any other financial aid, regardless of need. The loan is approved based on the student's credit history. Students must first borrow the annual maximum amounts allowed under the unsubsidized loan program before submitting a Graduate PLUS Loan Application. The Graduate PLUS Loan application must be completed on the Federal Student Aid site. The Financial Aid Office will determine your eligibility after your approved application is received. Based on Federal Statute, HEA 479A©, and on 34 CFR 685.301 (a) (8), a Professional Judgment is allowed to reduce or deny a student a loan. Reviews of outstanding loan debt, length of program of study, and other items will be assessed and the student will be notified in writing.
Loans disbursed between July 1, 2023 and June 30, 2024 will have a fixed interest rate of 8.05%. The interest rate is subject to change each year. Interest begins to accrue the day the loan is disbursed. No repayment is due on the loan while you are enrolled at least half-time. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Origination fees are deducted from the original loan amount that you accept
- Loans disbursed on or after October 1, 2020 and before October 1, 2024 will have an origination fee of 4.228%.
A separate Master Promissory Note (MPN) and Loan Entrance Counseling Session must be completed on the Federal Student Aid site by the student to receive the loan.
Repayment Options
Most federal student loans have a grace period before you enter repayment of six months after you graduate, leave school, or drop below half-time enrollment. Interest does accrue during your grace period for unsubsidized student loans.
- Direct Subsidized and Unsubsidized loans have a six-month grace period before payments are due.
- PLUS Loans (Parent and Graduate) have no grace period, but they may be eligible for a deferment. You will want to check into this option when considering applying for a PLUS Loan.
The U.S. Department of Education uses several loan services to handle the billing for all Direct Loans. Your federal loan servicer will contact you prior to your grace period. Please do not ignore the messages from your servicer. They will be providing valuable information regarding your account and repayment. Once you have selected your repayment plan, you will make payments to your loan servicer.
Get more information on repayment of federal student loans
The Department of Education offers a "Repayment Estimator" that allows you to get an early look at which repayment plans you may be eligible for. It also allows you to see estimates of how much you would pay monthly and overall for your federal student loans. *Private student loans are not included in the Repayment Estimator.*
Direct Loan Repayment Plans
The Department of Education currently offers 7 different repayment plan options.
See comparison of each of these plans
Consolidation
If you have multiple federal student loans, you can consolidate those loans into a single Direct Consolidation Loan. This could simplify repayment if you are making separate loan payments to different loan servicers, as you would only have one monthly payment to make. You will want to consider the advantages and disadvantages before consolidating.
Federal Direct Loans Proration Policy
Federal regulations require schools to prorate the Federal Direct Loan amounts for graduating undergraduate students when their final period of enrollment is less than a full academic year. As a result of this requirement, graduating undergraduate students who are only attending one semester of the academic year will have their Federal Direct Loans prorated based on the number of credit hours they are enrolled. The loan limit proration determines the maximum loan amount that a student may borrow for the final term of study based on the degree they are earning. Federal Loan Proration Calculations
Federal Loan Origination Fee Calculator
Below, you will find a federal loan origination fee calculator. Federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the amount reflected on your student breakdown bill will be less than the amount you accept in OneLogin. If you'd like to borrow a specific loan amount to cover only what's on your bill, you can use the calculator below for an estimate. Please note, this calculator is accurate within $1 (up to $27,000). Please allow for +/- $1 margin. Only whole dollars can be input and not cents. The fees being calculated are 1.057% for Stafford (Subsidized/Unsubsidized) and 4.228% for Parent/Grad PLUS.