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Federal
Subsidized Stafford Loan |
Federal
PLUS /Grad PLUS Loan |
| Eligible Borrowers |
Dependent undergrads,
independent undergrads, Grads or professional students |
Parents of undergrads;
Graduate students
Must meet lenders credit criteria |
| Interest Rates |
Fixed: 6.8% |
Fixed: 8.5%,
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| Fees |
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Generally 3% of the total loan amount |
Annual Loan
Limits
Beginning July 1, 2007 |
By grade level:
1--$3,500
2--$4,500
3--$5,500
4--$5,500
Grads--$8,500
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Cost of education
minus other financial aid equals eligible loan amount. |
| Cumulative
Loan Limits |
Undergrads--$23,000
Grads--$65,500 |
None |
| Loan Payments
and Maturities |
Up to 10 years
to repay with a minimum monthly payment of $50. Additional repayment options may be available based on servicer. |
Same as Federal
Subsidized Stafford |
| Disbursements |
Funds are generally
received in two disbursements. Loan proceeds are sent as an
Electronic Funds Transfer (EFT). If a paper check is issued,
it is made co-payable to the student and to the school. |
Funds are generally received in two disbursements. Loan proceeds are sent as an Electronic Funds Transfer (EFT). If a paper check is issued, it is made co-payable to the parent and to the school. |
| Repayments |
Repayment begins
six months after the student drops below half-time status
or graduates. |
First payment
is due 60 days after the 2nd disbursement.
Grad PLUS is eligible for in-state deferment |
| Pre-application
Required |
No |
Yes |
TOP
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Federal
Unsubsidized Stafford/Dependent
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Federal
Unsubsidized Stafford/Independent
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| Eligible Borrowers |
Dependent undergrads and undergrads whose parents were denied for a PLUS loan.
Not based on financial
need; |
Independent undergrads,
Grads or professional students
Not based on financial need; |
| Interest Rates |
Same as Federal Subsidized Stafford |
Same as Federal Subsidized Stafford. |
| Fees |
Same as Federal Subsidized
Stafford |
Same as Federal Subsidized
Stafford |
| Annual Loan Limits |
By grade level:
1--$3,500 less Subsidized
2--$4,500 less Subsidized
3--$5,500 less Subsidized
4--$5,500 less Subsidized
If parents were denied a Plus loan:
up to $4,000 for grade level 1 or 2
up to $5,000 for grade level 3 or 4. |
By grade level:
1--$7,00 less Subsidized
2--$8,500 less Subsidized
3--$10,500 less Subsidized
4--$10,500 less Subsidized
Grads--$20,500 less Subsidized |
| Cumulative Loan Limits |
Undergrads--$23,000 less
any Subsidized Stafford Loan.
Students whose parents were denied Plus Loan can have an additional $23,000 in unsubsidized Stafford (potential total of $46,000) |
Undergrads--$46,000 less
any Subsidized;
Grads--$138,500 less any Subsidized |
| Loan Payments and Maturities |
Same as Federal Subsidized
Stafford |
Same as Federal Subsidized
Stafford |
| Disbursements |
Same as Federal Subsidized
Stafford |
Same as Federal Subsidized
Stafford |
| Repayments |
Same as Subsidized Stafford.
However, interest is payable from the date of disbursement and, if
deferred, will be capitalized to the loan balance after the in-school
and grace periods end. |
Same as Subsidized Stafford.
However, interest is payable from the date of disbursement and, if
deferred, will be capitalized to the loan balance after the in-school
and grace periods end. |
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