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General Loan Information

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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 http://studentloans.gov.
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans needed

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.
 Dependent StudentIndependent Student
1st Year Undergrad$5,500 (maximum $3,500 subsidized)$9,500 (maximum $3,500 subsidized)
2nd Year Undergrad$6,500 (maximum $4,500 subsidized)$10,500 (maximum $4,500 subsidized)
3rd & 4th Undergrad$7,500 (maximum $5,500 subsidized)$12,500 (maximum $5,500 subsidized)
Graduate/ProfessionalNA (All graduate and professional students are considered independent.)$20,500 (maximum $8,500 subsidized)
  • Aggregate loan limits for Direct Subsidized and Unsubsidized Loans:
    • $31,000 for dependent undergraduate students excluding those whose parents are unable to borrow a PLUS Loan (no more than $23,000 may be subsidized)
    • $57,500 for independent undergraduate students and dependent undergraduates whose parents are unable to borrow a PLUS loan (no more than $23,000 may be subsidized)
    • $138,500 for graduate or professional students (no more than $65,500 may be subsidized; includes loans for undergraduate study)

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).

 

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