Undergraduate Federal Direct Student Loan Program
The William D. Ford Federal Direct Student Loan Program provides low-interest, long-term loans to students who are enrolled at least half-time in a degree program.
Federal Direct Loan Basics
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans.
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher University, and maintaining satisfactory academic progress for financial aid eligibility.
Interest Rate
Federal Direct Subsidized Student Loan
The Federal Direct Subsidized Student Loan is a need-based federal student loan. Undergraduate Federal Direct Subsidized Student Loans disbursed prior to July 1, 2024 have a fixed interest rate of 5.50%. Loans disbursed on or after July 1, 2024 will have a fixed interest rate of 6.53%. The interest rate will not change throughout the life of the loan. There is no interest charged on your Federal Direct Subsidized Student Loan as long as you are enrolled at least half-time (6 credits) at the University. Loans disbursed on or after October 1, 2020 will be charged a 1.057% fee. Please note: Loan rates and fees are subject to change due to congressional action.
Federal Direct Unsubsidized Student Loan
The Federal Direct Unsubsidized Student Loan is a non-need based federal loan. Federal Direct Unsubsidized Student Loans have a fixed interest rate of 5.50% for loans disbursed prior to July 1, 2024. Loans first disbursed on or after July 1, 2024 will have a fixed interest rate of 6.53%. The interest rate will not change throughout the life of the loan. Interest begins accruing on the Federal Direct Unsubsidized Student Loan once the loan is disbursed. Interest payments can be made or the interest will accrue and be capitalized. Loans disbursed on or after October 1, 2020 will be charged a 1.057% fee. Loan rates and fees are subject to change due to congressional action.
Repayment
Federal Direct Student Loans can be repaid fully or in part at any time without penalty. In the event that you die or suffer permanent and total disability, the loan is forgiven. The funds are disbursed directly to the school via Electronic Funds Transfer (EFT) to the student's account.
Loan Limits
Maximum Annual Limits
Dependent Students
| Maximum Subsidized Loan | Additional Unsubsidized Loan | Total Loan | |
| 1st Year | $3,500 | $2,000 | $5,500 |
| 2nd Year | $4,500 | $2,000 | $6,500 |
| 3rd and 4th Year | $5,500 | $2,000 | $7,500 |
Independent Students
| Maximum Subsidized Loan | Additional Unsubsidized Loan | Total Loan | |
| 1st Year | $3,500 | $6,000 | $9,500 |
| 2nd Year | $4,500 | $6,000 | $10,500 |
| 3rd and 4th Year | $5,500 | $7,000 | $12,500 |
Maximum Lifetime Limits
| Maximum Subsidized and Unsubsidized | Maximum Subsidized | |
| Dependent Undergraduate | $31,000 | $23,000 |
| Independent Undergraduate | $57,500 | $23,000 |
- Dependent Student: The career maximum of Federal Direct Subsidized and Unsubsidized combined undergraduate student loans is $31,000 ($23,000 maximum in subsidized loans).
- Independent Student: The career maximum of Federal Direct Subsidized and Unsubsidized undergraduate student loans is $57,500 ($23,000 maximum in subsidized loans).
- A dependent student's maximum eligibility, whether it is subsidized or a combination of subsidized and unsubsidized loans, cannot exceed the amounts shown above. Independent students, however, are eligible to borrow additional funds from the Direct Unsubsidized Student Loan Program. In cases where the parents of the dependent student are denied eligibility for the Federal Direct Parent PLUS Loan due to a negative credit history, the dependent student may borrow additional funds from the Federal Direct Unsubsidized Student Loan Program. Student borrowers do not need a cosigner and there is no credit check done by the federal government.
Apply for a Federal Direct Student Loan
- Complete the FAFSA.
- Accept the Federal Direct Student Loan offer on Fish 'R' Net. (Sign in to mySJF and select Fish 'R' Net under the Launch Pad.)
- FIRST TIME BORROWERS ONLY: Select Log In at Studentaid.gov. Sign in using your FSA ID. Select Loan Entrance Counseling under Loans and Grants. Click Start at I am an Undergraduate Student. Once you have successfully completed the Loan Entrance Counseling, select complete the Master Promissory Note (MPN) as an Undergraduate Student.