Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after July 1, 2024 and before July 1, 2025
| Loan Type | 10-Year Treasury Note High Yield | Add-On | Fixed Interest Rate |
|---|---|---|---|
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | 4.483% | 2.05% | 6.53% |
| Direct Subsidized Loans for Graduate and Professional Students | 4.483% | 3.60% | 8.08% |
| Direct PLUS Loans for Parents of Dependent Undergraduate Student and for Graduate or Professional Students | 4.483% | 4.60% | 9.08% |
Financial Aid Disbursement Policy & Calendar (2024-2025)
Federal Pell Grant Policy
Federal Pell Grant disbursements are based on the number of clock hours and weeks of the payment period. The first disbursement is awarded 7 school days after the start date. The second disbursement is awarded at the midpoint of the academic year. An academic year is defined as 900 clock hours and 26 weeks. Subsequent disbursements require completing half the clock hours in the academic year, half the weeks, and meeting the Satisfactory Academic Progress (SAP) of the payment period to qualify.
Federal Supplemental Educational Opportunity Grant (FSEOG) Policy
FSEOG disbursements are based on the amount of available funds, clock hours, and weeks of the payment period. The first disbursement is awarded 7 days after the start date. The second disbursement is awarded at the midpoint of the academic year. An academic year is defined as 900 clock hours and 26 weeks.
Federal Direct Loan Policy
Federal Direct Loans disbursements are based on the number of clock hours and weeks of the payment period. For first-time borrowers, their first disbursement is awarded and scheduled on the 31st day of the start date, and the second disbursement is awarded at the midpoint of the academic year. For non-first-time borrowers, their first disbursement is awarded on the first day of class and the midpoint of the academic year. An academic year is defined as 900 clock hours and 26 weeks. Subsequent disbursements require completing half the clock hours in the academic year, half the weeks, and meeting SAP of the payment period to qualify.
Student Account Charges
Financial aid funds are applied toward student account charges for the payment period. Tuition and fees are prorated for the payment period and financial aid funds are applied toward those charges. For excess proceeds, after charges have been paid, if any, a check will be issued to the student within 14 calendar days.
Disbursement Calendar1
| Award Notification Date 2 | Award Calculation Date 3 | Disbursement Date 4 | Type of Awards |
|---|---|---|---|
| August 5, 2024 | August 14, 2024 | August 5, 2024 October 28, 2024 |
1st Pell Grant & FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| August 19, 2024 | August 28, 2024 | August 19, 2024 November 11, 2024 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| September 9, 2024 | September 18, 2024 | September 9, 2024 December 2, 2024 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| September 23, 2024 | October 2, 2024 | September 23, 2024 December 16, 2024 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| October 7, 2024 | October 16, 2024 | October 7, 2024 December 30, 2024 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| October 21, 2024 | October 30, 2024 | October 21, 2024 January 13, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| November 4, 2024 | November 13, 2024 | November 4, 2024 January 27, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| November 18, 2024 | November 27, 2024 | November 18, 2024 February 10, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| Award Notification Date 2 | Award Calculation Date 3 | Disbursement Date 4 | Type of Awards |
|---|---|---|---|
| December 2, 2024 | December 11, 2024 | December 2, 2024 February 24, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| December 16, 2024 | December 25, 2024 | December 16, 2024 March 10, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| January 6, 2025 | January 15, 2025 | January 6, 2025 March 31, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| January 20, 2025 | January 29, 2025 | January 20, 2025 April 14, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| February 3, 2025 | February 12, 2025 | February 3, 2025 April 28, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| February 17, 2025 | February 26, 2025 | February 17, 2025 May 12, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| March 3, 2025 | March 12, 2025 | March 3, 2025 May 26, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| March 17, 2025 | March 26, 2025 | March 17, 2025 June 9, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| April 7, 2025 | April 16, 2025 | April 7, 2025 June 30, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| April 21, 2025 | April 30, 2025 | April 21, 2025 July 14, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| May 5, 2025 | May 14, 2025 | May 5, 2025 July 28, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| May 19, 2025 | May 28, 2025 | May 19, 2025 August 11, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| June 2, 2025 | June 11, 2025 | June 2, 2025 August 25, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| June 16, 2025 | June 25, 2025 | June 16, 2025 September 8, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| Award Notification Date 2 | Award Calculation Date 3 | Disbursement Date 4 | Type of Awards |
|---|---|---|---|
| July 7, 2025 | July 16, 2025 | July 7, 2025 September 29, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
| July 21, 2025 | July 30, 2025 | July 21, 2025 October 13, 2025 |
1st Pell Grant, FSEOG & Direct Loans 2nd Pell Grant, FSEOG & Direct Loans |
- Disbursements Calendar: Fall through Summer schedule. Only the first and second Pell Grant, FSEOG, and Direct Loan disbursements are indicated above.
- Financial aid for students is awarded after all requested documents are verified by the Office of Financial Aid to be accurate. Once this verification is complete, the student will receive a Financial Aid Estimate (FAE) to review, accept, and sign for their scheduled awards. The FAE will be presented to the student through a secure website. After the signed FAE is returned to the Office of Financial Aid, an Award Offer notification will be sent to the student via email, and no signature will be required for this notification.
- Students have 7 days from the start date to cancel their enrollment. If enrollment is canceled, no financial aid funds will be released. Attendance is confirmed on the award calculation date for the first disbursements of Federal Pell Grant, FSEOG, and Direct loans.
- The first disbursements will be scheduled and awarded on the first day of class unless the student is a first-time Direct Loan borrower. If the student is a non-first-time borrower, they will have to wait 30 days from the start date of class to receive their disbursement. The second disbursement(s) of Federal Pell Grant, FSEOG, and Direct loan disbursements will be released once the student completes 450 clock hours (midpoint clock hours), 26 weeks (half of the academic year), and their Satisfactory Academic Progress is confirmed.