The Federal Direct Stafford Loan is a low-interest loan available from the federal government, either as a subsidized or unsubsidized student loan. If you qualify for a need-based subsidized student loan, the federal government pays the interest on your loan while you are in school. An unsubsidized student loan is not based on financial need, and you will be charged interest on the loan as soon as the funds are disbursed. (You may choose to pay the interest while in school or defer interest payments until you have finished school, in which case the interest will be added to the amount you owe.)
Both loan types require that repayment begin six months after you drop below half-time enrollment. The maximum annual loan amounts are:
- First year
- $5,500 dependent students
- $9,500 independent students
- Only $3,500 can be subsidized if eligible*
- Second year
- $6,500 dependent students
- $10,500 independent students
- Only $4,500 can be subsidized if eligible
*Students are able to request additional subsidized funds if their grade level changes during the academic year by contacting LLCC Financial Aid.
Steps to apply for a Direct Loan at LLCC:
- Complete the Free Application for Federal Student Aid (FAFSA)
- Review loans awarded on LoggerCentral and accept or decline them online via LoggerCentral or the Loan Confirmation Form.
- Visit the Federal Student Aid website and sign in to Manage my Direct Loan and complete the:
- Online Entrance Counseling
- Master Promissory Note (MPN)
Loan Simulator
The Loan Simulator helps you calculate your potential student loan payments based on individual need. You can use this tool to help estimate payments when you're struggling with payments or if you are looking into what would happen if you borrow more.
You can also use our Loan Repayment Sample to estimate your student loan payment based on the Standard Repayment Plan. Please note: This chart is for estimation purposes only.