Student and Parent Loans
Federal Direct Loan Program
Undergraduate Students
Although Penn does not include loans in dependent student’s financial aid packages, this loan can be used by students to assist with their parental and/or student contribution. Because this is a student loan, repayment is deferred until after the student completes his/her education or ceases to be enrolled and at least half-time.
Application Instructions
  1. File a FAFSA online at

  2. New Students and First-Time Borrowers
    • Submit a loan request in the Penn Loan System
    • Complete a Master Promissory Note and Entrance Counseling after we email you with instructions

  3. Continuing Students
    • Submit a loan request in the Penn Loan System

  4. LPS and Accelerated Nursing Students
    • Penn will pre-certify you if you received a Federal Direct Loan last year, so you only need to file a FAFSA.
  • Federal student loan
  • Loan may be subsidized or unsubsidized, depending on student’s financial need
  • U.S. citizen or permanent resident
  • Enrolled at least half-time in degree program or certificate program
Annual Loan Limits
Grade Level Annual Maximums for Dependent Students Annual Maximums for Independent Students Maximum Amount that can be subsidized
First year $5,500 $9,500 $3,500
Sophomore $6,500 $10,500          $4,500
Junior $7,500 $12,500 $5,500
Senior $7,500 $12,500 $5,500
Aggregate Amount $31,000 $57,500 $23,000
Post Bacs† $5,500 $12,500 $5,500
†Post-bac students may be eligible to borrow one time only within a 12 month period.
Note: The total annual limit may not exceed Penn's cost of attendance less other financial assistance you receive.
Interest Rate
5.05% for loans disbursed 7/1/2018 - 6/30/2019
Interest is subsidized by the federal government during in-school period and subsequent educational or other deferment periods
5.05% for loans disbursed 7/1/2018 - 6/30/2019
Interest begins to accrue after first disbursement.
It may be paid quarterly while in school, or capitalized and added to the principal (amount borrowed) at the beginning of the repayment period.
Fees 1.062% origination fee
Source U.S. Department of Education
Twice a year, at the beginning of each term
Student must be registered for classes and have tuition charges
Begins 6 months after graduation or withdrawal from the University
May be deferred for graduate study and in certain other circumstances
Term: Up to 10 years. May be extended through consolidation up to 30 years, depending upon the amount borrowed
Special Repayment
Income Based Repayment
Pay As You Earn
Public Service Loan forgiveness
NSLDS Access:  NSLDS is the U.S. Department of Education’s central database for Title IV student aid.  Inquiries can be made to this website for Title IV loans (Direct and Perkins) and/or Pell grants.  The site displays information on loan and/or grant amounts, outstanding balances, loan statuses, and disbursements.  In order to use the NSLDS Student Access website, you will need to login with your FSA ID username and password.  If you do not have a username and password, you can create one on the site. 

The URL is   


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