Loan Fees and Limits
William D. Ford Federal Direct Loans
NJIT administers these need-based and non-need-based student loans on behalf of the U.S. Department of Education. If the William D. Ford Federal Direct Stafford Loan (Subsidized or Unsubsidized) has been offered to you, it will appear in your Financial Aid Financing Plan Offer. You can accept or reject these loans or accept a partial loan amount.
To be eligible for a loan of this type, you must be enrolled at least half-time (a minimum of 6 credits). The awarded loan amount is applied to your account each semester. The interest rate and fees for loans may be subject to change annually on or before July 1. For the most current interest rates and loan fees for the applicable aid year, please see Interest Rates.
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Interest Rates for 2021-2022 Federal Direct Loans |
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Loan Type |
Borrower Type |
Interest Rate |
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Federal Direct Subsidized Loan |
Undergraduate Students |
3.73% |
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Federal Direct Unsubsidized Loan |
Undergraduate Students |
3.73% |
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Federal Direct Unsubsidized Loan |
Graduate/Professional Students |
5.28% |
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Federal Direct PLUS Loans |
Parents of Dependent Undergraduate Students |
6.28% |
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Loan Fees for 2021-2022 Federal Direct Loans |
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Loan with the First Disbursement |
Federal Direct Subsidized Loans |
Federal Direct PLUS Loans |
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On or after October 1, 2020 and before October 1, 2021 |
1.057% |
4.228% |
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On or after October 1, 2021 and before October 1, 2022 |
1.057% |
4.228% |
Annual and Aggregate Federal Direct Loan Limits
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Year |
Dependent Students (except students whose parents are unable to obtain PLUS Loans) |
Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
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First-Year Undergraduate Annual loan Limit |
$5,500 – No more than $3,500 of this amount may be in subsidized loans. |
$9,500 – No more than $3,500 of this amount may be in subsidized loans. |
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Second-Year Undergraduate Annual loan Limit |
$6,500 – No more than $4,500 of this amount may be in subsidized loans. |
$10,500 – No more than $4,500 of this amount may be in subsidized loans. |
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Third-Year and Beyond Undergraduate Annual loan Limit |
$7,500 – No more than $5,500 of this amount may be in subsidized loans. |
$12,500 – No more than $5,500 of this amount may be in subsidized loans. |
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Graduate or Professional Students Annual Loan Limit |
Not Applicable (all graduate and professional students are considered independent). |
$20,500 (unsubsidized only) |
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Subsidized and Unsubsidized Aggregate Loan limit |
$31,000 – No more than $23,000 of this amount may be in subsidized loans. |
$57,500 for undergraduates – No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students – No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
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