Federal Direct Stafford Loans (FDSL) are low interest loans that are borrowed through the U.S. Department of Education by the student. Both Subsidized and Unsubsidized Direct Stafford Loans have a 6.8% fixed rate of interest. Repayment of the principal amount begins 6 months after the student graduates, leaves school, or drops to less than half-time per semester. Undergraduate half-time enrollment = 6 hours per semester excluding audits, Graduate half-time enrollment = 4.5 hours per semester excluding audits.
There are 2 types of Direct Stafford Loans:
Students who want to borrow through the Federal Direct Stafford Loan program must be enrolled in at least half-time per semester and cannot exceed their loan limit for the academic year and their cumulative Stafford Loan limits. Independent students and dependent students whose parent is denied a Direct PLUS loan may be eligible to borrow additional Direct Unsubsidized Stafford loan amounts. The limit is determined by academic status and academic year. However, the annual maximum loan amount an undergraduate student may borrow must be prorated in certain situations:
Note: students who are concurrently enrolled in a class(s) that will go towards their NIU degree should follow the directions on the Concurrent Enrollment Information Sheet. This could increase your prorated loan amount if you qualify.
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Proration is determined by:
Credit hours you are enrolled in program
Semester hours in an academic year (30)
Proration example for a senior who is enrolled in 6 credit hours for the fall semester who will be graduating in December:
Divide the number of credit hours you are enrolled in for the semester (6) by the total semester hours in a year (30) and multiply that number (0.2) by the yearly maximum amount of Subsidized/Unsubsidized Stafford Loan eligibility ($5500/$2000 or $7000) for a senior. The calculated amount of $1100 is the prorated Subsidized Stafford Loan amount for the fall semester.
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| Prorated Loan Limits Credit Hours/Semester |
Prorated Subsidized Stafford Loan Only | Prorated Additional Unsubsidized for Dependent Students (except PLUS Denial Students) | Prorated Unsubsidized Stafford Loan (for Independent or PLUS Denial Students) |
|---|---|---|---|
| 21/30 | $3850 | $1400 | $4900 |
| 20/30 | $3667 | $1333 | $4667 |
| 19/30 | $3483 | $1267 | $4433 |
| 18/30 | $3300 | $1200 | $4200 |
| 17/30 | $3117 | $1133 | $3967 |
| 16/30 | $2933 | $1066 | $3733 |
| 15/30 | $2750 | $1000 | $3500 |
| 14/30 | $2567 | $933 | $3267 |
| 13/30 | $2383 | $867 | $3033 |
| 12/30 | $2200 | $800 | $2800 |
| 11/30 | $2017 | $733 | $2567 |
| 10/30 | $1833 | $667 | $2333 |
| 9/30 | $1650 | $600 | $2100 |
| 8/30 | $1467 | $533 | $1867 |
| 7/30 | $1283 | $467 | $1633 |
| 6/30 | $1100 | $400 | $1400 |
| 2007-2008 & 2008-2009 Academic Year Loan Limits Prior to July 1, 2008 Academic Level |
Subsidized/ Unsubsidized Dependent & Independent | Additional Unsubsidized (for Independent Students & PLUS Denial Students) |
Total |
|---|---|---|---|
| Freshman | $3500 | $4000 | $7500 |
| Sophomore | $4500 | $4000 | $8500 |
| Junior/Senior | $5500 | $5000 | $10,500 |
| Post Graduate | $5500 | $5000 | $10,500 |
| Eligible Student-At-Large & Post Graduate pursuing a teachers certification | $5500 | $7000 | $12,500 |
| Graduate and Professional | $8500 | $12,000 | $20,500 |
Undergraduates:
Dependent Student $23,000 Subsidized
Independent Student $46,000 (combination of Subsidized and Unsubsidized)
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Graduates:
$65,500 Subsidized/$73,000 Unsubsidized
$138,500 (combination of Subsidized and Unsubsidized)
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| 2008-2009 Academic Year Loan Limits Effective July 1, 2008 Academic Level |
Subsidized/ Unsubsidized Dependent & Independent | Additional Unsubsidized for Dependent Students (except PLUS Loan Denial Students) | Additional Unsubsidized for Independent Students & PLUS Denial Students) |
Total for Dependent Students (except PLUS Denial Students) ) | Total for Independent Undergraduates & PLUS Denial Students |
|---|---|---|---|---|---|
| Freshman | $3500 | $2000 | $6000 | $5500 | $9500 |
| Sophomore | $4500 | $2000 | $6000 | $6500 | $10,500 |
| Junior/Senior | $5500 | $2000 | $7000 | $7500 | $12,500 |
| Post Graduate | $5500 | $2000 | $7000 | $7500 | $12,500 |
| Eligible Student-At-Large & Post Graduate pursuing a teachers certification | $5500 | Unchanged | $7000 | $12,500 | $12,500 |
| Graduate and Professional | $8500 | Unchanged | $12,000 | $20,500 | $20,500 |
Undergraduates:
Dependent Student $31,000 (no more than $23,000 of which can be Subsidized)
Independent Student $57,500 (no more than $23,000 of which can be Subsidized )
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Graduates:
$65,500 Subsidized/$73,000 Unsubsidized
$138,500 (combination of Subsidized and Unsubsidized)
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Download the NIU Loan Borrower Information Sheet
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