The New School

There are four types of federal direct loans. All must be repaid to the U.S. Department of Education after graduation or withdrawal from college.

Federal Direct Subsidized Loan: Undergraduate students who demonstrate financial need can borrow up to a set amount each year. Interest on these loans does not accrue for students taking at least six credits in college or during the six-month grace period after enrollment ends.
Federal Direct Unsubsidized Loan: Undergraduate and graduate students can borrow up to a set amount each year. Financial need is not considered.
Federal Direct Graduate PLUS Loan: Continuing Graduate students can borrow up to the Cost of Attendance each year. Students who are new federal loan borrowers and begin graduate or professional programs on or after July 1, 2026, will not be eligible for the Federal Graduate PLUS loan program. Students must have acceptable credit or a creditworthy endorser.
Federal Direct Parent PLUS Loan: Parents of continuing undergraduates can borrow up to the Cost of Attendance each year. New borrowers may borrow up to $20,000 per academic year per dependent student, with a maximum aggregate (lifetime) limit of $65,000 per dependent student. Parents must have acceptable credit or a creditworthy endorser.

To-Do List for Federal Student Loan Borrowers

Any student who applies to take out a Federal Direct Loan must accept their loan.
- Returning and continuing students can log in to MyNewSchool to view and accept their Federal Direct Loans.
- Newly admitted students can view and accept their Federal Direct Loans here.
Students who are new borrowers at The New School must complete both Loan Entrance Counseling and a Master Promissory Note at studentaid.gov.
Students who are about to graduate or are enrolled for fewer than six credits must complete Loan Exit Counseling.

Year of Study*	Dependent Student Amount	Independent Student Amount
First year (0–29 credits)	$5,500 (maximum $3,500 subsidized)	$9,500 (maximum $3,500 subsidized)
Second year (30–59 credits)	$6,500 (maximum $4,500 subsidized)	$10,500 (maximum $4,500 subsidized)
Third year and beyond (60+ credits)	$7,500 (maximum $5,500 subsidized)	$12,500 (maximum $5,500 subsidized)
Aggregate Total Loan Amount	$31,000 (maximum $23,000 subsidized)	$57,500 (maximum $23,000 subsidized)

*Year-of-study credit level is based on enrollment in an undergraduate degree program. Tiered eligibility differs for undergraduate diplomas.

Find more information about federal loans at studentaid.gov.