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About Loans

Scenic view of the Academic Quad on a sunny day
The William D. Ford Direct Loan program is a low, fixed-interest rate educational loan. Students must file the FAFSA to determine eligibility for either the Subsidized or Unsubsidized Direct Loan. Subsidized loans do not accrue interest while the student is in school. Unsubsidized loans do accrue interest from the time the loan is disbursed; however, borrowers may choose to defer payments while they are enrolled.
  • Federal Direct Loan amounts awarded by Colgate are less than the national average.
  • Maximum annual loan levels are determined by the student’s year in school.
  • The interest rate is set annually on July 1st, and borrowers lock in a fixed interest rate for the life of the loan.
  • A small "origination" or processing fee is charged by the Department of Education.
  • A variety of loan repayment options are available. Repayment begins six months after the student is no longer enrolled at least half time.
  • Calculate loan repayment amounts by using the Federal Repayment Estimator.

Current Borrowing Limits, Interest Rates, and Origination Fees

For further information about Federal Direct Loans, see the information summarized here or visit one of several pages within the Federal Student Aid website that specifically describes these loans.

How to Apply for a Federal Direct Student Loan

  1. File the Free Application for Federal Student Aid (FAFSA).
  2. Colgate will calculate your loan eligibility and send you an award notice.
  3. Contact us if you want to decline all or part of the loan offered.
  4. First-time borrowers must log onto StudentLoans.gov to complete required Entrance Counseling and the Master Promissory Note.
  5. Loans are disbursed evenly between the fall and spring semesters after the drop/add period has ended. If a credit balance results from a loan or other financial aid disbursement a refund will be made automatically.