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General Loan Information

Austin Peay participates in the William D. Ford Federal Direct Loan Program.

With Direct Loans, you:

  • Borrow directly from the federal government and have a single contact - the Direct Loan Servicing Center - for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information 24 hours a day, 7 days a week through the Direct Loans Online Web Portal at
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans needed.

2014-2015 Direct Loan Interest Rates

Loan Interest Rates by Disbursement Dates
Loan TypeFirst Disbursed between July 1, 2014 and June 30, 2015
Direct Subsidized Loans (Undergraduate Students)Fixed at 4.66%
Direct Unsubsidized Loans (Undergraduate Students)Fixed at 4.66%
Direct Unsubsidized Loans (Graduate or Professional StudentsFixed at 6.21%
Direct PLUS Loans (Parents and Graduate or Professional Students)Fixed at 7.21%
Perkins Loans (Undergraduate and Graduate or Professional Students)Fixed at 5%

For additional Direct Student loan interest rate information click on the link below

Student Direct Loan Changes and Information


Undergraduate students enrolling at the Main or Fort Campbell campus must be enrolled in at least 6 credit hours to be eligible for student loans. Graduate students must enroll in at least 3 graduate level hours for summer and at least 4 graduate level hours for all other semesters.

Graduate and Professional Students are No Longer Eligible to Receive Subsidized Loans 

  • Effective for loans made for payment periods that begin on or after July 1, 2012, graduate and professional students are no longer eligible to receive subsidized loans.
  • However, if you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year.

New Federal Regulations for first time borrowers whose loan is disbursed on or after July 1, 2013

  • Federal Direct Loan borrowers taking their first loan on or after July 1, 2013 may qualify for a subsidized Direct Loan for a maximum of 150% of the length of their academic program.  Students will be limited to receiving subsidized loans for 3 years in a 2 year program or 6 years in a 4 year program.  Students reaching this limitation could receive unsubsidized loans if eligible. Additionally, borrowers who reach the 150% limitation will have their interest subsidy end for all outstanding subsidized loans. More Information

Subsidized Loan Limitation

Program LengthLimitation on subsidized Loan Eligibility
4-Year Bachelor's Degree6 Years of subsidized loan eligibility
2-Year Associates Degree3 Years of subsidized loan eligibility

Interest Subsidy Restored on Subsidized Loans

Borrowers of subsidized Stafford Loans first disbursed on or after July 1, 2014 are once again eligible for an interest subsidy during the 6-month grace period.

Grace period Interest Subsidy - Consolidated Appropriations Act, 2012

  • Temporarily eliminates the interest subsidy on Direct Subsidized Loans during the six month grace period.
  • Applies to new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.
  • Accrued grace period interest not paid will be capitalized.
  • Borrower could have some loans with interest subsidy and some without when in grace period.

Applying for Direct Loans is very simple:

  • Must complete the Free Application for Federal Student Aid (FAFSA).
    • You must indicate on your FAFSA that you are interested in student loans.
    • Be sure to add our school code to the list of schools you wish to send your FAFSA to. Our school code is: 003478.
  • We receive your FAFSA and will award you loans based on the current loan limit policies.
  • Your financial aid including loans, grants, scholarships cannot exceed your cost of attendance.
  • The maximum amount a student can borrow each year depends on your grade level and whether you are considered a dependent or independent student.

Loan Borrowing Limits For Aid Year 2014-2015 Chart

DependentMaximum SubsidizedAdditional UnsubsidizedCombined Subsidized and Unsubsidized


IndependentMaximum SubsidizedAdditional UnsubsidizedCombined Subsidized and Unsubsidized


Aggregate loan limits for Direct Subsidized and Unsubsidized Loans Chart

Maximum SubsidizedAdditional UnsubsidizedCombined Subsidized and Unsubsidized
Dependent Undergraduate$23,000$8,000$31,000
Independent Undergraduate$23,000$34,500$57,500
Graduate (This includes Undergraduate Amount)$0$138,500$138,500

Important Information

Your aggregate loan limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan Program (FFELP). 

Transfer Students

  • The amount of loans received at a previous institution my affect your eligibility to receive loans at APSU.
  • If you received Federal Direct Stafford loans during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at APSU.


  • If a borrower disputes the terms of the Federal Direct Loan in writing and the holder of the loan is unable to resolve the dispute, a borrower may seek the assistance of the Office of Education's Student Loan Ombudsman. The Student Loan Ombudsman will review and attempt to informally resolve your dispute and may be reached at 1-877-557-2575 or