Loan Info





Direct/FFEL Stafford Loan

  • The current repay rate is 5.99% and 5.39% during the in-school and deferment periods.
  • Subsidized

-Interest starts after school

-Award based on need

  • Unsubsidized-Interest starts during school

REPAY-starts within 6 months after leaving school or dropping below half-time enrollment status

Federal PLUS Loan

  • For parents with low interest capped at 9%, currenlty 6.79%

REPAY-starts within 60 days after last disbursement of loan

Federal Perkins Loan

  • Combined funds from government and school for extreme need
  • Interest rate is 5%

REPAY-starts 9 months after leaving school or dropping below half-time enrollment status.

Consolidated Loan

  • Combine Federal loans to one lender
  • Interest rate is the average of combined loans rounded to the nearest 1/8 of a %
  • Interest rate capped at 8.25%
  • Lower monthly payments

Private/Alternative Loan

  • For independent students and parents of dependent students
  • Higher costs than Federal education loans
  • May have more flexible repayment provisions

REPAY-starts 6 months after leaving school or dropping below half-time enrollment status
 
 
Last Updated November 24, 2009