Federal Direct Student Loan Information
Annual Loan Limits
In order to educate students on the details of these loans,
Your student's loan amount was based on their grade level and may
the following additional steps are required to secure these
include both Direct Subsidized and Direct Unsubsidized Loans.
funds: • New Direct Loan borrowers must complete entrance counseling before funds can be disbursed to the school. Entrance counseling is completed online at studentaid.gov. Entrance Counseling is a tool used to teach students about the Federal Direct Loan rights and responsibilities and loan terms. • New Direct Loan borrowers must also complete the Master Promissory Note before funds can be disbursed. The MPN is available online at studentaid. gov. The MPN must be signed with your FSA ID (same as FAFSA) and serves as your legally binding contract, acknowledging that you agree to the terms of your
Academic Class
Dependent Student
Academic Class
Freshmen (0 – 29 Earned Credits)
$5,500
$9,500
Sophomore (30 – 59 Earned Credits)
$6,500
$10,500
Junior (60 – 89 Earned Credits)
$7,500
$12,500
Senior (90 or more Earned Credits)
$7,500
$12,500
Graduate Student
N/A
$20,500
Note that for freshmen, only $3,500 may be subsidized; for sophomores $4,500; for juniors and seniors $5,500.
loan.
Federal Direct Parent PLUS Loan Information PLUS Loans are available to the parents of dependent
Junior and senior students whose parents are denied may
undergraduate students to help pay education expenses.
accept an additional $5,000 in unsubsidized loans for the
The parent is the borrower, and it is the parent’s
academic year. Parents should understand the rights and
responsibility to repay the loan. These loans are based on
responsibilities associated with requesting a PLUS Loan. In
a consumer credit check. Parents can borrow up to the cost
order to educate parents on the details of these loans, the
of attendance less any financial aid received.
following additional steps are required to secure these funds:
If a parent borrower is unable to secure a PLUS loan,
• Direct PLUS loan borrowers must complete the Direct PLUS
the undergraduate dependent student may be eligible for
Loan Request online at studentaid.gov. The Direct
additional unsubsidized loans. If a PLUS application is
PLUS Loan Request runs a credit check and provides the
denied, Christopher Newport will receive notice from the
school with the results needed to create your Direct PLUS
U.S. Department of Education and will make an offer to the student directly for the additional unsubsidized loan. Freshman/Sophomore students whose parents are denied may accept an additional $4,000 in unsubsidized loans for the academic year. Junior/Senior students whose parents
Loan. •
Direct PLUS loan borrowers must complete the Master Promissory Note (MPN) before funds can be disbursed. The MPN is completed online at studentaid.gov. You will need the borrower’s name, date of birth and FAFSA PIN to complete the MPN.
are denied may accept an additional $5,000 in unsubsidized loans for the academic year.
Christopher Newport Hall, Suite 107
(757) 594-7170
finaid@cnu.edu
cnu.edu/financialaid 81
