Federal Direct Student Loan
To be eligible for a Federal Direct Student Loan, a student must be:
- a U.S. citizen or eligible non-citizen;
- enrolled or admitted as a matriculated student; and
- determined to be eligible for the loan after completion of the FAFSA, which results in the calculation of the "Expected Family Contribution."
Students must also be registered for at least 6 credits/equated credits per semester. Freshmen may borrow up to $2,625 per academic year; sophomores, up to $3,500 per academic year; juniors and seniors, up to $5,500 per academic year. There is a maximum cap of $23,000 for an undergraduate education. Students may borrow at a relatively low variable interest rate, set each June. Repayment is not expected while he/she remains enrolled continuously at least half-time (6 credits/equated credits), and for six months after he/she ceases to be at least a half-time student.
For information regarding the unsubsidized Federal loan, which requires the borrower to pay interest while in school, consult a counselor in the Financial Aid Office. The FAFSA Student Aid Report must be on file with the Financial Aid Office before a Federal Direct Student Loan can be processed. For more information, visit www.lehman.edu/financial-aid.
Last modified: 9/3/2014