Types of Loans
Student 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 Begining fall 2008 | 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 |
Federal PLUS Loans Up through summer 2008 | 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 8.5% for loans first disbursed on or after July 1, 2006; borrower pays all interest | Lender is a bank, credit union or other participating private lender (see list of lenders) Repay the loan holder or its agent 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 |