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Subsidized
Stafford Loan |
Unsubsidized
Stafford Loan |
Parent PLUS and GradPLUS Loans |
|
Borrower |
Dependent or independent students |
Dependent or independent students |
Parents of dependent undergraduate students and graduate or professional students borrowing for themselves |
|
Interest Rates |
On or after July 1, 2006, but prior to July 1, 2008, 6.8% fixed rate
On or after July 1, 2008, 6.0% fixed rate for undergraduate students, and 6.8% fixed rate for all other students |
On or after July 1, 2006, 6.8% fixed rate |
On or after July 1, 2006, 8.5% fixed rate |
| Origination Fee |
For loans first disbursed prior to July 1, 2008, a 1.5% origination fee is deducted from the loan proceeds upon disbursement
For loans first disbursed on or after July 1, 2008, a 1.0% origination fee is deducted from the loan proceeds upon disbursement |
For loans first disbursed prior to July 1, 2008, a 1.5% origination fee is deducted from the loan proceeds upon disbursement
For loans first disbursed on or after July 1, 2008, a 1.0% origination fee is deducted from the loan proceeds upon disbursement
|
A 3.0% origination fee is deducted from the loan proceeds upon disbursement |
| Default Fee |
Unless paid by the guarantor, a 1.0% default fee is deducted from the loan proceeds upon disbursement |
Unless paid by the guarantor, a 1.0% default fee is deducted from the loan proceeds upon disbursement |
Unless paid by the guarantor, a 1.0% default fee is deducted from the loan proceeds upon disbursement |
|
Eligibility |
Based on financial need |
No income restrictions |
No income restrictions |
|
Annual Loan Limits |
For loans first disbursed on or after July 1, 2008:
Year 1: $3,500
Year 2: $4,500
Years 3-5: $5,500
Graduate or professional students - $8,500
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For loans first disbursed on or after July 1, 2008:
Dependent students: same limits as subsidized Stafford plus these additional amounts up to the cost of education -
Years 1-5: $2,000
Independent students and dependent students whose parents cannot borrow a PLUS loan: same limits as subsidized Stafford plus these additional amounts up to the cost of education -
Years 1-2: $6,000
Years 3-5: $7,000
Graduate or professional students: same limits as subsidized Stafford plus $12,000 (up to the cost of education) |
Cost of education less any other financial aid awarded |
| Aggregate Loan Limits |
Undergraduate dependent students: $23,000
Undergraduate independent students: $23,000
Graduate or professional students: $65,500
|
Undergraduate dependent students: $31,000 (no more than $23,000 can be subsidized)
Undergraduate independent students: $57,500 (no more than $23,000 can be subsidized)
Graduate or professional students: $138,500 (no more than $65,500 can be subsidized) |
No limit; eligible borrowers can borrow up to the cost of education. |
|
In-School Interest |
Paid by federal government |
Paid by the borrower* |
Paid by the borrower* |
|
Grace Period |
Interest paid by federal government during the six-month grace period |
Interest paid by borrower during the six-month grace period |
No grace period; the parent borrower may request to postpone repayment until six months after the student ceases to be enrolled at least half time. Graduate and professional students may defer payments while enrolled and request forbearance for six months after they cease to be enrolled at least half time. |
|
Repayment Terms |
Repayment begins after the grace period.
The minimum monthly payment is $50.
The maximum repayment term is 10 to 25 years and is based on the total loan balance. |
Repayment begins after the grace period.
The minimum monthly payment is $50.
The maximum repayment term is 10 to 25 years and is based on the total loan balance. |
The first payment is due within 60 days after the loan is fully disbursed, unless repayment has been postponed or deferred.
The minimum monthly payment is $50.
The maximum repayment term is 10 to 25 years and is based on the total loan balance. |