Loan Terms and Conditions Chart

2018-19 Loan Program Matrix

Loan Program Student Subsidy (x) Interest Rate (as of 7/01/18) Grace Period Annual Limit Aggregate Limit Origination Fee (as of Oct. 1, 2017)1
Federal Direct Subsidized Loan Dependent or Independent Undergraduate x 5.05% 6 months 1st=$3,500
$23,000 1.066%
Federal Direct Unsubsidized Loan Dependent Undergraduate   5.05% 6 months 1st=$5,500 (minus Subsidized)
2nd=$6,500 (minus Subsidized)
3rd+=$7,500 (minus Subsidized)
($23,000 in sub)
Federal Direct Unsubsidized Loan Independent Undergraduate   5.05% 6 months 1st=$9,500 (minus Subsidized) 
2nd=$10,500 (minus Subsidized) 
3rd+=$12,500 (minus Subsidized)

($23,000 in sub)

Federal Direct Unsubsidized Loan1 Graduate   6.60% 6 months $20,500 

($65,000 sub)

Federal Direct PLUS Loan3 4 Parent or Graduate   7.60% 6 months Cost of attendance minus all other aid  N/A 4.264%

Private Loan Preferred Lender List:
• Undergraduate, Graduate, and Parent loans can all be reached from the same link
• Parent generally means any “credit-worthy” adult, as defined by the lender
• Not obligated to use these lenders
• Applications will only be sent to CWRU to be certified after all application steps have been completed

1 Changes for newly processed loans on October 1. Amount to be determined by the Department of Education.
2 DMD, MD, MPH, and Clinical Psych PhD students may be eligible to receive additional Federal Direct Unsubsidized loan
• Increases Aggregate Limit to $224,000
• Eligibility is determined at the time financial aid is processed.
3Undergraduates whose parents are denied the Federal Direct PLUS may be eligible to receive up to the following additional Federal Direct Unsubsidized Loan amounts and
should contact to have eligibility determined.
• 1st Yr = $4,000
• 2nd Yr = $4,000
• 3rd Yr+ = $5,000
4 Additional info on credit criteria can be found here: