Student Loan VS Scholarships
Scholarships, grants, and fellowship funds are types of financial assistance that do not require repayment. These forms of aid are offered by a variety of organizations, including Senators, Delegates, the federal government, community groups, departments, and your specific college or university
Deadlines for the submission of the Free Application for Federal Student Aid (FAFSA) and other associated requirements can differ, so it is essential for domestic students to carefully review the provided information. The International Student Financial Aid Application (ISFAA) is specifically designed to assess need-based eligibility for institutional aid and should only be completed by international students.
To qualify for federal and state scholarships and grants, it is necessary to submit a FAFSA each year. Keep in mind that the deadlines for FAFSA submission can differ from state to state. You can find the application guidelines and specific state deadlines at studentaid.gov.
Scholarships provided by particular academic departments and external organizations may come with different eligibility criteria and application deadlines. For further details, please reach out to your academic department chair or the relevant outside organization.
Scholarships/Grants
DC College Access Program (DC Cap)
DC Tuition Assistance Grant (DC Tag)
Federal Supplemental Educational Opportunity Grant (FSEOG)
Maryland Higher Education Commission (MEHA)
Morgan Stanley HBCU Scholarship
Pennsylvania Higher Education (PHEAA)
Thurgood Marshall College Find (TMCF)
United Negro College Fund (UNCF)
Federal Loans
The Direct Parent PLUS Loan is an option for the parent (including biological, adoptive, or, in certain cases, stepparent) of a dependent undergraduate student who is enrolled in an eligible degree program at least half-time
The Direct Graduate PLUS Loan is offered to graduate or professional students who are enrolled at least half-time in an approved degree program. The Institution will establish the maximum loan amount by subtracting any other financial aid received from the overall cost of attendance.
Eligibility
- Complete the Free Application for Federal Student Aid (FAFSA)
- Must enroll at least halftime
- Contingent upon credit approval
- Must not be in default on any federal student loans
- Must complete Entrance Counseling and the Loan Agreement for PLUS Loan (MPN) prior to first disbursement
- Must complete Exit Counseling if student drops below half time or ceases enrollment
Federal Student Loan Repayment
- Borrower’s Responsibilities – Repayment
Once you graduate, leave school, or drop below half-time enrollment, it’s time to begin making payments on your Federal Direct Stafford Loans. Being proactive about your repayment strategy and budgeting is crucial. You’ll have a six-month grace period before you need to start repayments. The Federal Direct Stafford Loan Program offers various repayment plans designed to accommodate different borrower needs, allowing you to select the option that works best for you. Available plans include standard, extended, graduated, income contingent, and income-based repayment options. Your loan will be managed by the Direct Loan Servicing Center (1-800-848-0979), which provides information on repayment plans as well as a repayment estimator repayment estimator . This tool can help you understand your payment amounts and the timeframe for repaying your loan based on your selected plan. Please note, calculations provided are estimates and may not reflect the actual amounts calculated by the Direct Loan Servicing Center.
Within approximately 7 to 10 business days after your loan is initially disbursed, it will be assigned to a loan servicer. This servicer will furnish you with essential information regarding your loan. Your loan repayment will also be managed by this servicer. To view your loans and access your loan servicer’s contact details, please visit nslds.ed.gov and log in with your FSA ID
- If You Already Have a Federal Student Loan
If you have a student loan under the Direct Stafford Loan Program and possess an FSA ID, you can view your most recent account information by going to nslds.ed.gov
- Deferment / Forbearance
- If you’re facing challenges in making your monthly loan payments, you might consider requesting a deferment or forbearance to postpone those payments. Deferments can also be a viable option for those returning to school after a break. Additionally, you may qualify for forgiveness of your Federal Direct Stafford Loan or Federal Perkins Loan; refer to the listing of forgiveness programs
If you’ve utilized all your deferment and forbearance options and want to avoid defaulting on your loans, you might want to explore the option of loan consolidation. A Direct Consolidation Loan enables you to merge one or more of your federal education loans into a single new loan, providing you with various benefits. For further details, please refer to the section on Direct Consolidation Loans
How to Repay Your Federal Student Loans
For details on repaying your federal student loans and to access further information about federal student loans, please visit the U.S. Department of Education’s Federal Student Aid website
Federal Subsidized and Unsubsidized Loans:
Undergraduate and graduate students can access this loan without having to demonstrate financial need. [University Name] will assess the amount a student is eligible to borrow, taking into account the cost of attendance as well as any other financial aid received. It is important to note that the student is responsible for the interest accrued on a Direct Unsubsidized Loan throughout all periods.
Eligibility
- Complete the Free Application for Federal Student Aid (FAFSA)
- Financial need is not a requirement
- Must enroll at least halftime
- Must not be in default on any federal student loans
- Must complete Entrance Counseling and the Loan Agreement for Subsidized/Unsubsidized Loan (MPN) prior to first disbursement
- Must complete Exit Counseling if student drops below half time or ceases enrollment
- Must maintain SAP eligibility by meeting the standards set forth by your institutions financial aid policy on Satisfactory Academic Progress (SAP).
Interest Rates and Loan Fees
For the latest and most accurate details on Federal Student Loan Interest Rates and Loan Fees, please visit the Federal Student Aid website, of the U.S. Department of Education
Annual Loan Limits
Subsidized Loans
Dependent Undergraduate Students
- Freshman Students (0-29 credits) – $3,500 ($1,750 per semester)
- Sophomore Students (30-59 credits) – $4,500 ($2,250 per semester)
- Junior/Senior Students (60+ credits) – $5,500 ($2,500 per semester)
Unsubsidized Loans
- Dependent Undergraduate Students (regardless of credits earned) – $2,000 ($1,000 per semester)
Independent Undergraduate Students and Dependent Undergraduate Students with a denied Federal Direct Parent PLUS Loan
- Freshman Students (0-29 credits) – $6,000 ($3,000 per semester)
- Sophomore Students (30-59 credits) – $6,000 ($3,000 per semester)
- Junior/Senior Students (60+ credits) – $7,000 ($3,500 per semester)
- Graduate and Professional Students – $20,500 ($10,250 per semester)
Aggregate Loan Limits
Dependent Undergraduate Students
- Federal Direct Subsidized Loan: $23,000
- Federal Direct Unsubsidized Loan: $8,000
- Total: $31,000
Independent Undergraduate Students and Dependent Undergraduate Students with denied Parent PLUS Loan
- Federal Direct Subsidized Loan: $23,000
- Federal Direct Unsubsidized Loan: $34,500
- Total: $57,500
Graduate Students
- Federal Direct Subsidized Loan: Not eligible
- Federal Direct Unsubsidized Loan: $135,000
- Total: $138,500
Professional Students
- Federal Direct Subsidized Loan: Not eligible
- Federal Direct Unsubsidized Loan: $224,000
- Total: $224,000
