Undergrad Student Loans Cheat Sheet
Two Types of Loans
Subsidized
- Don't accrue interest until six months after graduation or deferment
- Need-based availability
Unsubsidized
- Eligible to all borrowers
- Accrues interest throughout college
- Interest will capitalize (become part of the principle) if you don't pay it back by six months after graduation (or at the end of deferment)
More Helpful Facts
- U.S. department of education (federal government) is your lender when you take out federal loans,
- Loans are paid directly to the university for tuition, room & board, and fees.
- Any leftover loan money will be distributed to the student from the university.
How much Can I Borrow in Federal Loans?
| Year in School | Dependent | Independent |
| First Year | ≤$5500 | ≤$9500 |
| Second Year | ≤$6500 | ≤$10500 |
| Third and Fourth Year | ≤$7500 | ≤$12500 |
Other types of loans include private and parent plus loans. We recommend federal direct loans before either of these. For more information on loans please visit Baylor OneStop Office located on the third floor of the SUB.