Student Loans

The financial aid award notification from your college will indicate the loans you qualify to borrow. The Loan Chart provides details on interest rates and repayment terms. For more information, visit StudentLoans.gov.

The Federal Perkins Loan is based on financial need, and you borrow it directly from the college. Interest accrues when repayment begins.

Interest:	5% fixed interest
Fees:	None
Loan limit:	The college determines the loan amount based on available funds. The maximum loan for an undergraduate is $5,500 per year; graduate is $8,000 per year; $40,000 total for all degrees.
Repayment:	Begins 9 months after you graduate or drop below half-time status. You have up to 10 years to repay the loan.

Direct Stafford Loan: The Direct Stafford Loan offers two options, depending on your eligibility.

Direct Subsidized Stafford Loan: You may qualify for this loan if you demonstrate financial need. You don't pay interest while in school, or during grace or deferment periods - the government pays it for you.

Interest:	Undergraduate students 4.5% fixed rate 3.4% fixed rate (effective 7/1/11) Graduate students 6.8% fixed rate
Fees:	Up to 1% in fees
Loan limit:	Maximum combined subsidized and unsubsidized loan amounts: Year 1 - $3,500 Year 2 - $4,500 Years 3, 4, 5 - $5,500 Graduate - $8,500
Repayment:	Begins 6 months after you graduate or drop below half-time status. Maximum 10-year repayment.

Direct Unsubsidized Stafford Loan: You pay all interest, but you can add the interest to the loan (capitalize) to avoid payments while in school.

Interest:	6.8% fixed rate
Fees:	Up to 1% in fees
Loan limit:	Maximum combined subsidized and unsubsidized loan amounts: Year 1 - $3,500 Year 2 - $4,500 Years 3, 4, 5 - $5,500 Graduate - $8,500 Dependent students may be eligible for additional unsubsidized loan funds: Years 1-5, $2,000   Independent students may be eligible for additional unsubsidized loan funds: Years 1-2, $6,000 Years 3, 4, 5 - $7,000 Graduate - $12,000
Repayment:	Begins 6 months after you graduate or drop below half-time status. Maximum 10-year repayment.

Direct PLUS Loan This loan will help your parents pay your college expenses.

Interest:	7.9% fixed rate
Fees:	Up to 4% in fees
Loan limit:	Parents may borrow up to the cost of education minus other financial aid. The parent borrower must be credit worthy.
Repayment:	Repayment begins 60 days after total loan amount is applied to student's account. Contact the servicer to request a deferred payment. Maximum 10-year repayment.