Federal Direct Loan Program

Types of Loans

Subsidized

The Subsidized loan is a need-based loan on which interest is paid by the federal government during in-school, and deferment periods.  All principal payments are deferred until six months after graduation or a student drops below half-time enrollment.  Any loan borrowed between July 1, 2012, and July 1, 2014, will not have interest deferred during the six-month grace period.  Graduate students are not eligible for the Direct Subsidized Loan.

Unsubsidized

The Unsubsidized loan is a non-need based loan on which interest is not paid by the federal government.  All principal payments are deferred until six months after graduation or a student drops below half-time enrollment.  The student is responsible for the interest from the date the loan is disbursed.  Students can choose to make interest payments or ask the lender to add the interest to the principal of the loan for repayment at a later date.

Graduate Student Loans – Additional Information

Time Limit (SULA):  Any first-time borrower will be subject to the new 150% rule provisions.  A new borrower is categorized as anyone who has not received any federal Stafford loan funds prior to July 1, 2013, or anyone who received federal Direct/Stafford loan funds but paid off the balance owed prior to July 1, 2013.  For more information please review the detail of the 150% Announcement.

 

Contact Us

Financial Aid Office
  Ben Parker Student Center
1200 16th Street
Golden, CO 80401
  303-273-3301
  FAX: 303-384-2252
Toll-free: 1-888-446-9489
  finaid@mines.edu


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More information:

For billing issues contact: Student Receivables Office 303-273-3158

For health insurance waivers contact: Health Center 303-273-3388

For College Opportunity Fund contact: Registrar’s Office 303-273-3200

For information on Veteran Affairs contact: Registrar’s Office 303-273-3200

Federal Loan Terms 2017-2018

Origination Fees
1.069% origination fee for loans with a first disbursement date on or after October 1, 2016.

Interest rates 2017-2018
Adjusted annually on July 1st. Current and prior rates.

 

Subsidized

Unsubsidized

Undergraduate

4.45%

4.45%

Graduate

6%

 

Annual Loan Limits
Minimum: $100.00

Dependent

Annual Loan Limit

Maximum Subsidized

Freshman (0-29.5 Earned Credits)

$5,500

$3,500 subsidized

Sophomore (30-59.5 Earned Credits)

$6,500

$4,500 subsidized

Junior or Senior (60+ Earned Credits)

$7,500

$5,500 subsidized

 

Independent

Annual Loan Limit

Maximum Subsidized

Freshman (0-29.5 Earned Credits)

$9,500

$3,500 subsidized

Sophomore (30-59.5 Earned Credits)

$10,500

$4,500 subsidized

Junior or Senior (60+ Earned Credits)

$12,500

$5,500 subsidized

Graduate

$20,500

 Requirements

  • Accept all loans you want to borrow and the amount(s) through Trailhead.

  • All first-time borrowers must complete a loan counseling session prior to loan funds being disbursed.

  • Complete a Master Promissory Note (MPN).  Typically the MPN is only required once for each borrower.

  • Must be enrolled at least part-time (6 credits for an undergraduate student; 4.5 credits for a graduate student).

Repayment Terms

  • Repayment begins six months after graduation or dropping below half-time enrollment.

  • Minimum payment: $50/month, maximum of ten years to repay. 

  • Complete terms of the loan can be found on the Disclosure Statement for Federal Direct Loans.

Loan Repayment Calculator 

Cancellation
A Direct Loan may be canceled prior to disbursement with written or email notification.  The statement must include the student’s name and ID number (CWID).