- Annual Limits (per academic year)
- Interest Rates and Origination Fees
- Capitalizing Interest
- Repayment Options
- Deferment
- Direct Loan Customer Service
Annual Limits (per academic year)
For Subsidized and Unsubsidized loans, there is a limit per academic year on the amount that may be borrowed. The annual limit depends on the student's grade level and dependency status, as well as whether they are enrolled in an undergraduate or graduate program.
Dependent Undergraduate | |||
| Subsidized | Unsubsidized | Maximum |
1st Year | $3,500 | $2,000 | $5,500 |
2nd Year | $4,500 | $2,000 | $6,500 |
3rd & 4th Year | $5,500 | $2,000 | $7,500 |
Post-Baccalaureate | $5,500 | $2,000 | $7,500 |
Independent Undergraduate | |||
| Subsidized | Unsubsidized | Maximum |
1st Year | $3,500 | $6,000 | $9,500 |
2nd Year | $4,500 | $6,000 | $10,500 |
3rd & 4th Year | $5,500 | $7,000 | $12,500 |
Post-Baccalaureate | $5,500 | $7,000 | $12,500 |
Graduate | |||
| Unsubsidized | Maximum | |
Graduate | $12,000 | $20,500 | |
Graduate Health Professional | $38,667 | $47,167 | |
Interest Rates and Origination Fees
Interest rates are subject to change each year, however, federal loans since 2006 have remained fixed rate loan products. You can view current Direct Loan interest rates on the U.S. Department of Education website.
This chart provides the interest rates and fees associated with Direct Loans disbursed from July 1, 2015- June 30, 2016:
| Origination Fee | Upfront Rebate | Interest Rate |
Direct Subsidized - Undergraduate | 1.068% | 0% | 4.29% |
Direct Unsubsidized - Undergraduate & Graduate | 1.068% | 0% | 5.84% |
PLUS - Parent & Graduate | 4.272% | 0% | 6.84% |
This chart provides the interest rates and fees associated with Direct Loans disbursed from July 1, 2014- June 30, 2015:
| Origination Fee | Upfront Rebate | Interest Rate |
Direct Subsidized - Undergraduate | 1.73% | 0% | 4.66% |
Direct Subsidized - Graduate | 1.73% | 0% | 6.21% |
Direct Unsubsidized - Undergraduate & Graduate | 1.0% | 0% | 6.8% |
PLUS - Parent & Graduate | 4.292% | 0% | 7.21% |
Capitalizing Interest
Direct Loan Servicing capitalizes all unpaid interest:
• when a period of deferment ends
• when a period of forbearance ends
• annually, under the Income Contingent Repayment (ICR) plan, for borrowers whose payments do not cover their monthly interest accrual.
Repayment Options
Deferment
Direct Loan Customer Service
Comprehensive information is available on the U.S. Department of Education website. The Studentloans.gov offers Columbia students online services from start (during counseling) to finish (repayment). However, you should wait until you receive information from your school's financial aid office before attempting to use the Direct Loan Servicing online functions.
You may also contact the Direct Loan Customer Service at the following phone numbers:
• Applicant Services (PLUS borrowers): Open 8:00 AM to 8:00 PM ET, Monday through Friday. The phone number is 800-557-7394.
• The Student Loan Support Center Open 8:00 AM to 11:00 PM ET, Monday through Friday. The phone number is 800-557-7394.
• If you have FFELP loans, check the NSLDS website for customer service contact information.