A subsidized loan is offered to students on the basis of financial need as determined by the Free Application for Federal Student Aid (FAFSA). Students must be enrolled at least half time to be considered for this loan. Parents do not need to co-sign for this loan. The loan is in the student's name only.
Interest and Repayment
While you are attending school and meet the eligibility criteria, the interest on this loan is paid by the U.S. government. No payment on the principal balance of the loan is necessary so long as the student remains half time (six credit hours undergraduate and five credit hours graduate).
The interest rate may vary depending on if you are an undergraduate or graduate student. Yearly loan amounts you may borrow may vary depending on the following:
- Your credit hours enrolled per semester
- Your class standing (freshman, sophomore, junior, senior, or graduate student)
- Whether the FAFSA form considers you a dependent or independent student
- The Consolidated Appropriations Act of 2012 mandated Federal Direct Subsidized loan interest to begin accruing during the six-month grace period for all undergraduate subsidized loans originated from July 1, 2012 through June 30, 2014. Subsidized loans originated and disbursed prior to July 1, 2012 are exempt from the Consolidated Appropriations Act.
The Department of Education's Direct Loan Servicing Center is the holder of this loan when a student goes into repayment.
To Get Credit
Before the proceeds of this loan will credit to a student's cashiering account, you must complete the following:
- An Entrance Loan Counseling Session – The entrance loan counseling session has mandated consumer rights and responsibilities information from the U.S. Department of Education about your loan.
- The Master Promissory Note – The master promissory note is a legal document where you affirm to pay back your loan in the future.
Once you complete these steps, you do not need to complete these processes again each year so long as you remain a UNLV student.
| Loan Type | Fixed Interest Rate (Loans first disbursed on or after 7/1/18 and before 7/1/19) | Fixed Interest Rate (Loans first disbursed on or after 7/1/19 and before 7/1/20) |
|---|---|---|
| Parent PLUS | 7.595% | 7.079% |
| Graduate PLUS | 7.595% | 7.079% |
| Year | Interest Rate Subsidized Loan – Undergraduate | Interest Rate Unsubsidized Loan Undergraduate | Interest Rate Unsubsidized Loans Graduate Students |
|---|---|---|---|
| 2018-2019 | 5.045% | 6.595% | 7.595% |
| 2019-2020* | 4.529% | 4.529% | 6.079% |
*Loans first disbursed on or after 7/1/19 and before 7/1/20
| Loan Type | Interest Accumulates? |
|---|---|
| Subsidized | No |
| Unsubsidized | Yes |
| Parent PLUS | Yes |
| Graduate PLUS | Yes |
How Much Can I Borrow in Subsidized or Unsubsidized Loans?
| Class Rank | Dependent Undergraduate Subsidized | Dependent Undergraduate Unsubsidized | Total Yearly Borrowing Limits |
|---|---|---|---|
| Freshman 0-29 credits | $3,500 | $2,000 | $5,500 |
| Sophomore 30-59 credits | $4,500 | $2,000 | $6,500 |
| Junior & Senior 60+ credits | $5,500 | $2,000 | $7,500 |
| Maximum lifetime total all loan debt | $23,000 | $8,000 | $31,000 |
| Class Rank | Independent Undergraduate Subsidized | Independent Undergraduate Unsubsidized | Total Yearly Borrowing Limits |
|---|---|---|---|
| Freshman 0-29 credits | $3,500 | $6,000 | $9,500 |
| Sophomore 30-59 credits | $4,500 | $6,000 | $10,500 |
| Junior & Senior 60+ credits | $5,500 | $7,000 | $12,500 |
| Maximum lifetime total all loan debt | $23,000 | $34,500 | $57,500 |
| Class Rank | Graduate Student Subsidized | Graduate Student Unsubsidized | Total Yearly Borrowing Limits |
|---|---|---|---|
| Graduate Students | $0 - Effective July 1, 2012 | $20,500 - Effective July 1, 2012 | $20,500 |
| Maximum lifetime total all loan debt | $0 | $138,500 | $138,500 |