This is a federal government loan program for undergraduate students enrolled for six or more credits. Dependent undergraduate students may borrow the same amounts as the Federal Stafford Subsidized Direct Loans, as noted above. Loans will be pro-rated for students whose program of study is less than the full academic year. Students may borrow the annual limit for their academic level once per year. A 3 percent fee will be deducted from the loan.
Interest is charged from the day the loan is disbursed.
The student may choose to pay the interest or it can be capitalized. After you graduate, leave school, or drop below half-time enrollment, you have six months before you begin repayment. Federal Direct PLUS Loans. This is a federal government loan program for parents of dependent undergraduate students enrolled for six or more credits. The yearly limit is equal to the cost of attendance minus any other financial aid.