Loan Terms and Conditions Chart

2019-20 Loan Program Matrix

Loan Program Student Subsidy (x) Interest Rate (as of 7/01/19) Grace Period Annual Limit Aggregate Limit Origination Fee (as of Oct. 1, 2018)1
Federal Direct Subsidized Loan Dependent or Independent Undergraduate       x 4.53% 6 months 1st=$3,500
$23,000 1.062%
Federal Direct Unsubsidized Loan Dependent Undergraduate   4.53% 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   4.53% 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   6.08% 6 months $20,500 

($65,000 sub)

Federal Direct PLUS Loan3 4 Parent or Graduate   7.08% 6 months Cost of attendance minus all other aid  N/A 4.248%


A student may receive an unsubsidized Federal Direct loan if their parent(s) refuse to support them. To request this loan, a student must submit documentation that (1) their parents refuse to complete their Free Application for Federal Student Aid (FAFSA) and (2) they do not and will not provide any financial support to the student, including the date support ended. The student will not be considered for a dependency override or for any additional financial aid.

The Office of University Financial Aid does not engage in any pattern or practice that results in a denial of a borrower's access to Direct Loans because of a borrower's race, gender, color, religion, national origin, age, disability status, or income. Federal regulations do, however, allow a university to refuse to originate a Direct Subsidized, Direct Unsubsidized, or Direct PLUS Loan or reduce a borrower's determination of need for a loan. Any decision to reduce or refuse origination of a student loan will be made on a case-by-case basis, will be documented in a student’s file and will be provided to the borrower in writing.

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

Changes for newly processed loans on October 1. Percent to be announced by the Dept of Ed at a later date
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: