Federal Direct Loans
- Subsidized (need-based, interest does not accrue while in school) –Interest Rate 2.75% fixed beginning with loans first disbursed on or after July 1, 2020 but before July 1, 2021
- Unsubsidized (non-need-based, accrues interest) – Current Interest Rate 2.75% fixed beginning with loans first disbursed on or after July 1, 2020, but before July 1, 2021
- Repayment begins 6 months after graduating or dropping below 6 credit hours
- Federal Direct Subsidized and Unsubsidized Loans have a 1.057% origination fee for loans first disbursed on or after October 1, 2020 and before October 1, 2021. This fee reduces the amount that disburses to the student's account, so the student needs to take that into consideration when determining the amount to borrow.
- Admitted to a degree-seeking program
- Enrolled at least half-time (six credit hours per semester)
Annual Loan Limits
- Dependent student: $7,500 each academic year (fall, spring and summer) – no more than $5,500 in subsidized
- Independent student: $12,500 each academic year (fall, spring and summer) – no more than $5,500 in subsidized
- Loans for summer depend on remaining loan eligibility of previous academic year
Annual Loan Limits for Pre-requisite courses
- Dependent student: $2,625 no more than $2,625 in subsidized
- Independent student: $8,625 – no more than $2,625 in subsidized
Aggregate Loan Limits
- Dependent student: $31,000 – only $23,000 of this amount may be subsidized
- Independent student: $57,500 – only $23,000 of this amount may be subsidized; Direct Loans received for undergraduate studies
Other Financing Options
- Consider Federal Direct Loan eligibility prior to applying for alternative loan bellarmine.edu/financialaid/AlternativeLenderList/
- You may not borrow more than the annual cost of attendance less other financial aid and resources. Please consider loan amounts and borrow only what you need.
Deadlines for Financial Aid
- You can file the FAFSA at any time within the academic year, but we recommend filing early to ensure your aid is awarded before the start of class.