William D. Ford Federal Direct Loan Program

As of July 1, 2010 Florida Coastal School of Law participates in the William D. Ford Federal Direct Loan Program (unsubsidized). These are low interest loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or other financial institution. You must be enrolled at least half time (7 hours Fall or Spring; 4 hours Summer) to be eligible to participate in this loan program.

Unsubsidized loans are NOT need based and interest is charged once the loan is disbursed.

The interest rate for the Unsubsidized loans is a fixed rate of 6%. The maximum you can borrow each academic year is a total of $20,500 based on your cost of attendance minus EFC and any other financial aid that you will receive, such as scholarships. You may receive less than the maximum amounts if you receive other aid that covers a portion of your cost of attendance.

There is a 1.066% loan origination fee that the federal government charges for each loan. This fee will be deducted by the Department of Education before the loan funds are sent to the school.

The total debt you can have for all outstanding Direct and FFELP Stafford Loans (including prior schools) combined is $138,500 as a graduate student. The graduate debt limit includes any Stafford/Direct Loans received for undergraduate study.