Federal Loan Types for Undergraduate Students
There are two types of federal loans available directly to undergraduate students: Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans. The U.S. Department of Education also makes Direct PLUS Loans to eligible parents of dependent students.
Federal Direct Subsidized Loans
A Federal Direct Subsidized Loan is offered to students on the basis of financial need and does not require a credit check. The U.S. Department pays the interest on a Federal Direct Subsidized Loan during the following periods:
- While a student is enrolled in school at least half-time (6 credits or more)
- The first six months after a student leaves school (also known as a grace period), and
- During a period of deferment (a postponement of loan payments)
Federal Direct Unsubsidized Loan
A Federal Direct Unsubsidized Loan is available to students regardless of financial need and does not require a credit check. The student is responsible for paying the interest that accrues after disbursement.
Federal Direct Parent PLUS Loan
A Federal Direct Parent PLUS Loan is available to parents of undergraduate students who are considered dependent according to the U.S. Department of Education’s definition of a dependent student, regardless of financial need, and requires a credit check. The parent is responsible for paying the loan back. Visit the Federal Direct Parent PLUS Loan page for more information.
Receiving Federal Direct Loans
Eligibility Criteria
- Be an undergraduate student
- Be enrolled at least half-time per semester (6 credits or more)
- Be in good loan standing (not in default)
- If you are a student whose federal loans are in default status, you may apply to the Fresh Start program to resolve the default and regain access to federal student aid.
- Have a completed FAFSA on file for the current aid year
- Meet Satisfactory Academic Progress (SAP)
Required Steps
Students must complete the following steps in order to receive their Federal Direct Loans
- Accept loans in MyUNLV and specify any amount to receive, up to the amount offered.
- Complete Entrance Counseling through Federal Student Aid. Entrance counseling ensures students understand the terms and conditions of their loans.
- Complete the Master Promissory Note (MPN) through Federal Student Aid, which is a legal document in which a student promises to repay their loans and any accrued interest and fees to the U.S. Department of Education.
2024-25 Aid Year Interest Rates and Fees
| Loan Type | Borrower Type | Fixed Interest Rate |
|---|---|---|
| Direct Subsidized and Unsubsidized Loans | Undergraduate | 6.533% |
| First Disbursement Date | Loan Fee |
|---|---|
| On or after Oct. 1, 2020 and before Oct. 1, 2024 | 1.057% |
2023-24 Aid Year Interest Rates and Fees
| Loan Type | Borrower Type | Fixed Interest Rate |
|---|---|---|
| Direct Subsidized and Unsubsidized Loans | Undergraduate | 5.50% |
| First Disbursement Date | Loan Fee |
|---|---|
| On or after Oct. 1, 2020 and before Oct. 1, 2024 | 1.057% |
Annual Federal Direct Subsidized and Unsubsidized Loan Limits
| Number of Credits Completed | Annual Limit for Dependent Students | Annual Limit for Independent Students | Maximum Portion of Annual Limit in Subsidized Loans |
|---|---|---|---|
| 0-29 credits | $5,500 | $9,500 | $3,500 |
| 30-59 credits | $6,500 | $10,500 | $4,500 |
| 60+ credits | $7,500 | $12,500 | $5,500 |
| Subsidized and Unsubsidized Life-time (Aggregate) Loan Limit | $31,000 | $57,500 | $23,000 |
Loan Options for Health Professions
The Marion Smith Health Professions Loan is available to sophomores, juniors, or seniors with declared majors in Integrated Health Sciences or Nursing and enrolled in at least three credits. The annual loan limit is $1,000.
For more information, contact the School of Integrated Health Sciences at 702-895-3693 or the School of Nursing at 702-895-3360.