Loan Features |
Federal Stafford Loan (for loans disbursed on or after July 1, 2008 |
Federal Parent & GRAD PLUS Loans (effective July 1, 2008) |
Origination Fee |
1.0% |
3% (required fee) |
Federal Default Fee |
1.0% |
1.0% |
Interest Rate |
6.0% Fixed for Undergraduate Subsidized / 6.8% for graduate loans and Undergraduate Unsubsidized |
8.5% Fixed; as low as 7.5% with borrower incentives |
Borrower Incentives |
- 0.25% interest rate discount for enrolling in automatic payments
- 0.50% immediate interest rate discount* |
- 0.50% interest rate discount for enrolling in automatic payments
- 0.50% immediate interest rate discount* |
Annual Loan Limit |
$3,500 – $20,500 based on grade level |
Cost of attendance less other financial aid |
Aggregate Loan Limit |
$57,500 Undergraduate $138,500 Graduate |
None |
Grace Period |
6 Months |
None, Parent PLUS forbearance & GRAD PLUS in-school deferment available |
Standard Repayment Term |
Up to 10 years; 25-year extended term available for eligible borrower who meet the required $30,000 minimum in required in combined federal loans** |
Up to 10 years; 25-year extended term available for eligible borrower who meet the required $30,000 minimum in required in combined federal loans** |
Additional Payment Options |
Level, graduated, or income-sensitive payments |
Level, graduated, or income-sensitive payments |
Deferments |
- In-school half-time
- Grad fellowship
- Unemployed
- Rehabilitation program
- Economic hardship |
- In-school half-time
- Grad fellowship
- Unemployed
- Rehabilitation program
- Economic hardship |
