Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Students must meet general guidelines for eligibility for federal aid, and must be enrolled at least half time. Repayment begins six months after the student completes the program or is enrolled below a half-time status. Graduate students may be eligible for up to $20,500 per year in the Federal Direct Student Loan Program and undergraduate students may be eligible for up to $12,500 depending on dependency status and grade level. If graduate program official costs of attendance exceeds the Direct Loan limit, credit-worthy students may borrow the additional amount up to cost of attendance in the Graduate PLUS Program.