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Types of Loans
| Loan Program | Eligibility | Award Amounts | Interest Rates | Lender/Length of Repayment |
|---|---|---|---|---|
| Federal Perkins Loans | Undergraduate and graduate students; must be enrolled at least half-time | Undergraduate - up to $3,000 a year (maximum of $20,000 as an undergraduate) Graduate - up to $3,000 a year (maximum of $40,000 as a graduate, including undergraduate loans) Amount actually received depends on financial need, amount of other aid, availability of funds | Fixed rate of 5% | Lender is ASU, repay ASU Up to 10 years to repay, depending on amount owed |
| Federal Direct Stafford Loans (subsidized and unsubsidized) | Undergraduate and graduate students; must be enrolled at least half-time | Depends on grade level in school and dependency status (see Stafford loan limits) Financial need is required for subsidized loan Financial need not necessary for unsubsidized loans | Fixed rate of 6.8% for loans first disbursed on or after July 1, 2006 Government pays interest on subsidized loans during school and certain other periods | Lender is the U.S. Department of Education; repay Department Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected |
Federal Direct PLUS Loans | Parents of dependent undergraduate students enrolled at least half-time; must not have negative credit history Graduate or professional degree students; must be enrolled at least half-time; must not have negative credit history | Student's COA minus other aid received = maximum loan amount | Fixed rate of 7.9% for loans first disbursed on or after July 1, 2006; borrower pays all interest | Lender is the U.S. Department of Education; repay Department Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected |
Alternative Loans | Undergraduate and graduate student | Student's COA minus other aid received = maximum loan amount | Rate determined by lender | Lender is a bank, credit union or other private lender (see list of lenders) Repay the loan holder or its agent Length of repayment depends on amount owed and type of repayment plan selected |