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Direct Loans

Direct Subsidized and Direct Unsubsidized Stafford loans are available to eligible U.S. citizens and permanent residents enrolled in an eligible degree program on at least a half-time basis.

Direct Loan Application Instructions for Richard Bland College

  1. Complete a FAFSA
  2. Submit Direct Student Loan Request Form to the Office of Financial Aid. Please allow up to two business days for the offer to be made in Banner Self Service.
  3. Accept (or decline) your loans in Banner Self Service.
  4. Go to and under the “Manage My Direct Loan” section, sign in using your PIN (FAFSA PIN).
  5. Complete Entrance Counseling.
  6. Complete Master Promissory Note for Subsidized/Unsubsidized. Be prepared to provide contact information for two references.

Direct Subsidized Loan

Subsidized Loans are available to students who demonstrate eligibility for need-based financial aid. The Federal government pays the interest that accrues on the subsidized loan while the student is enrolled at least half-time. Repayment need not be made until six months after graduation, withdrawal from school, or reduction to less than half-time enrollment.

A new borrower may receive Federal Direct Subsidized loans for up to 150% of the published length of the borrower’s educational program. Should the borrower exceed this period, he or she is no longer eligible for Federal Direct Subsidized Loans. The borrower also becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150% limit. Additional information is provided by the Department of Education.

Direct Unsubsidized Loan

Unsubsidized Loans are available to students who do not demonstrate eligibility for need-based aid. The student is responsible for the interest that begins to accrue from the date of disbursement. Repayment of accrued interest and principal does not begin until six months after graduation, withdrawal from school, or reduction to less than half-time enrollment. It is recommended that, if possible, the student pays the accrued interest during enrollment.

What Student Borrowers Need to Know

  • Annual loan limits vary by the student’s year in school: Freshmen: $5,500 (no more than $3,500 as a subsidized loan), Sophomores: $6,500 (no more than $4,500 as a subsidized loan), Juniors and Seniors: $7,500 (no more than $5,500 as a subsidized loan), and Independent students: an additional $4,000 unsubsidized loan may be borrowed in addition to the annual loan limits listed above.
  • The loan may be subsidized, unsubsidized, or a combination of the two.
  • Funds are disbursed in two separate payments sent directly to the Bursar’s Office at the College, generally at the start of each semester.
  • An origination fee of 1.072% is deducted from each loan disbursement.
  • The current interest rate for loans first disbursed between July 1, 2013 and June 30, 2014 is 3.86%. For interest rates of loans disbursed before this date, please view your federal loan and financial aid history at the National Student Loan Data System.

Admissions & Aid

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