Admissions: Financial Aid

Spelman College Graduates

How Much Can I Borrow Each Year?

Undergraduate Loan Grade Level is determined by the total number of semester hours earned at Spelman plus any hours accepted in transfer.

Level   Hours Earned
 1  0-29
 2  30-59
 3  60-89
 4  90+

Annual Maximum Level

   Dependent Student  Independent Student
Level 1 $5,500 (only $3,500 can be subsidized) $9,500 (only $3,500 can be subsidized)
Level 2 $6,500 (only $4,500 can be subsidized) $10,500 (only $4,500 can be subsidized)
Level 3 & 4 $7,500 (only $5,500 can be subsidized) $12,500 (only $5,500 can be subsidized)
Level 5 $5,500 $12,500 (only $5,500 can be subsidized)

For a single semester, your loan eligibility is no more than half the annual amount.

Aggregate Loan Limits for Subsidized and Unsubsidized Loans

The total outstanding loan debt you can accrue from the federal student loan program is:

* $31,000 as a dependent undergraduate student  (only $23,000 of this can be subsidized)
* $57,500 as an independent undergraduate student  (only $23,000 of this amount can be subsidized)

Origination Fee and Interest Rates

The origination fee for Federal Direct Subsidized and Unsubsidized Loans is 0.50 percent.  The origination fee is retained by the federal government to reduce the cost of supporting these low interest loans.

The origination fee for Federal Direct Parent PLUS Loans is 4 percent and 1.5 percent is rebated up front to the borrower at the time the PLUS loan is disbursed.

Subsidized Loans:  fixed at 4.45% for loans first disbursed on or after July 1, 2017.  
Unsubsidized Loans:  fixed at 6% for loans first disbursed on or after July 1, 2017.
Parent PLUS Loan:  fixed at 7% for loans disbursed on or after July 1, 2017. 

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