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StateFederalFinancialAidforUndergraduateandGraduateStudents9IfastudentisunabletofullltheteachingobligationTEACHGrantsconverttoUnsubsidizedFederalDirectLoansthatthestudentmustthenrepay.FederalWorkStudyFWSTheFWSprogramoffersemploymentforstudentsdemonstratingnancialneedonoroffcampusandiscoordinatedbyyourcollege.Thehourlyrateofpayissetbythecollegeandtheemployer.Someschoolshaveemploymentagreementswithprivatenon-protorganizations.FederalDirectStudentLoansTheDirectLoanprogrammakeshighlyaffordableloansavailabletostudents.Studentsdonothavetopassacreditcheckandinterestonfederalloansisxed.Repaymentbeginssixmonthsafterleavingschoolandthereareneveranyprepaymentpenalties.Theseloanscaneitherbesubsidizedorunsubsidized.Forloansdisbursedafter712014theinterestrateis4.66forundergraduatesand6.21forgraduateprofes-sionalstudents.A1.073originationfeeisdeductedfromeachdis-bursement.Toapplycheckyourcollegesnancialaidwebsiteorgotowww.studentloans.gov.SubsidizedLoanStudentswhodemonstratenancialneedmayhavetheirinterestpaidbythefederalgovernmentwhilethestudentisenrolledatleasthalftimeincollegeandduringperiodsofauthorizeddeferment.Thelawlimitstheben-etsoftheDirectLoansubsidytoanaggregatedperiodofnomorethan150ofprogramlengthfornewborrowers.OncethatlimithasbeenreachedtheborrowerwillbegintoincurinterestchargesonoutstandingsubsidizedloansiftheborrowerisenrolledatleasthalftimeinaprogramincludingpreparatorycourseworkthatwouldotherwisequalifytheborrowerforaDirectSubsidizedLoan.Theinitialinterestratechangesannuallyhoweveritisxedforthetermoftheloan.UnsubsidizedLoanUnsubsidizedloanborrowersmayagreetorepayinterestimmediatelyorthelenderwillcapitalizetheinterestthataccruesduringthein-schoolandgraceperiods.Theinitialinterestratechangesannuallyhoweveritisxedforthetermoftheloan.FederalAidProgramsUndergraduateGraduateUndergraduateGraduateUndergraduate