Federal Loan Disbursement Information Albany State University participates within the Federal Direct Loan Program, which include the Federal Direct Subsidized Loans, Unsubsidized Loans, Grad PLUS Loans, and Parent PLUS Loans. Students must complete the complimentary Application for Federal Scholar help (FAFSA) to qualify for federal loans. PROCESSING TIMELINE: Direct Subsidized and Unsubsidized Loans:Once a pupil