This loan allows all students regardless of federal financial aid eligibility and who are enrolled for at least 6 credits per term (fall and spring) or 3 credits per term (summer sessions) to borrow up to $20,500 per academic grade level. The interest rate is fixed at 6.21 percent for loans disbursed between July 1, 2014 and July 1, 2015. Interest rates will be established each year for unsubsidized Direct Loans. The interest rate established for each loan is fixed and will apply for the life of the loan. Unsubsidized Direct loans, where the first disbursement is on or after December 1, 2013, carry a 1.072 percent federal origination fee. Net proceeds will equal approximately 98.928% of the loan amount. Interest accrual begins immediately during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized.