Federal Direct Stafford Loans
(subsidized and unsubsidized) |
- For undergraduate and graduate students.
- Interest charged on this loan is fixed at 6.8 percent for loans disbursed on or after July 1, 2006.
- The federal government pays interest on subsidized loans during school and certain other periods.
- The student pays all interest on unsubsidized loans.
- Undergraduate students are eligible for an interest rate reduction on subsidized loans.
- Must be must be enrolled at least half-time.
- Lender is the U.S. Dept. of Education; payment is owed to the federal government.
- Cancellation and deferment options available for teachers.
- Between 10 and 25 years to repay this loan, depending on amount owed and type of repayment plan selected.
- Additional information from the Dept. of Education.
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- Depends on grade level in school and dependency status (see Stafford loan limits)
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Financial need is required for subsidized loan.
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Financial need not necessary for unsubsidized loans.
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| Federal Perkins Loans |
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- Undergraduate students - up to $3,000 a year (maximum of $27,500 as an undergraduate)
- Graduate students - up to $3,000 (maximum of $60,000 as a gradate, including undergraduate Perkins loans)
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Federal Direct Parent PLUS Loans
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- For biological and/or adoptive parents of dependent undergraduate students enrolled at least half-time (legal guardian is not considered a parent for financial aid purposes).
- Interest charged on this loan is fixed at 7.9 percent for loans first disbursed on or after July 1, 2006.
- Borrower pays all interest.
- Borrower must not have negative credit history.
- Lender is the U.S. Dept. of Education; payment is owed to the federal government.
- Between 10 and 25 years to repay this loan, depending on amount owed and type of repayment plan selected.
- Income Contingent Repayment Plan is not an option.
- Please read additional information about the Parent PLUS Loan.
- Additional information from the Dept. of Education.
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Maximum amount is cost of attendance minus any other financial aid the student receives.
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| Federal Direct PLUS Loans for Graduate and Professional Students
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For graduate or professional degree students enrolled at least half-time.
- Interest charged on this loan is fixed at 7.9 percent for loans first disbursed on or after July 1, 2006.
- Borrower pays all interest.
- Borrower must not have negative credit history.
- Lender is the U.S. Dept. of Education; payment is owed to the federal government.
- Between 10 and 25 years to repay this loan, depending on amount owed and type of repayment plan selected.
- Income Contingent Repayment Plan is not an option.
- Additional information from the Dept. of Education.
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Maximum amount is cost of attendance minus any other financial aid the student receives. |
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Private Student Loans
(alternative loans)
List of lenders from Finaid.org
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- For undergraduate, graduate or professional degree students.
- Interest charged on this loan is determined by the lender.
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Borrower must not have negative credit history.
- The lender determines eligibility for this type of loan.
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Length of repayment depends on amount owed and type of repayment plan selected with the lender.
- Additional information.
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Maximum amount is cost of attendance minus any other financial aid the student receives. |
| Note: The information on this page is periodically reviewed and updated to reflect current federal rates and requirements and is subject to change without prior notice. For up-to-date information please visit www.studentaid.ed.gov. |
