Loan Types:
Federal Direct Subsidized Loans are awarded to students who demonstrate financial need. Interest is deferred while the student is enrolled in school on at least a half-time basis and during the grace period. Only undergraduate students are eligible for Subsidized Loans.
Federal Direct Unsubsidized Loans are also available for undergraduate students, and graduate and professional students with need. Students who do not qualify for need-based assistance may qualify for these loans. Unlike the Subsidized Loan, interest accrues on this unsubsidized loan during the time of enrollment, during the grace period, and during periods or repayment or deferment. The borrower can make interest payments while in school or can request that the servicer add the interest to the principal of the loan (this is called "capitalization"). If the borrower does not make an interest payment as scheduled, the interest is automatically capitalized.
Complete These Steps
If you are a first-time borrower of subsidized or unsubsidized loans:
Eligibility requirementsÂ
-
Enrolled at least half-time (6 credits undergraduate / 3 credits graduate).
-
Making satisfactory academic progress.
Repayment
-
Repayment begins six months after ceasing at least half-time enrollment in school.
-
On unsubsidized loans, interest begins to accrue at disbursement. Payment of accruing interest is not required until the loan enters repayment.
-
On subsidized loans, interest accrues according to date of first disbursement.
For most subsidized loans, interest accrual begins six months after ceasing at least half-time enrollment in school.
-
The standard repayment term is 10 years.
-
The minimum monthly payment is $50.
Subsidized loans: 150 percent loan limitÂ
Please note that, as of July 1, 2021, this 150% subsidized loan limit has been repealed for all first-time borrowers on or after July 1, 2021. While this limit will still apply to students who borrowed a Federal Direct Loan or FFEL Program Loan between July 1, 2013 and July 1, 2021, students whose first Federal Direct Loan disbursement was on or after July 1, 2021 will no longer be held to this 150% limit.
Need Help?
- Contact Student Financial Services at loans@spu.edu if you have questions about your loan
- the Washington Student Achievement Council (WSAC) can also provide information and resources about student loan repayment, or can assist with a complaint relating to our student loans or student loan servicer. Please visit or contact the WSAC Student Loan Advocate at loanadvocate@wsac.wa.gov for additional information.
- Additional help is available with the Federal Student Aid Ombudsman Group. For more information, please visit .