Federal Direct PLUS Loan | Federal Direct Graduate PLUS Loan | Private Loan

Federal Direct Subsidized Loan

  • Need-based loan with interest paid by the federal government during enrollment period.
  • Interest rate fixed at 5.6 percent for 2009-2010, with 10 years to repay.
  • Maximum amounts: $3500 for freshman, $4500 for sophomores, $5500 for juniors and seniors, $20500 for graduates.
  • The .5% net origination fee (after 1.0% automatic rebate for on-time payment) is included in the loan amount.
  • Repayment begins six months after the student graduates or is enrolled less than half time.
  • Families must complete the Free Application for Federal Student Aid (www.fafsa.ed.gov) to determine eligibility for this loan.

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Federal Direct Unsubsidized Loan

  • Students eligible for above subsidized loan can receive an additional 2,000 unsubsidized.
  • Maximum amounts: $5500 for freshman, $6500 for sophomores, $7500 for juniors and seniors, $20500 for graduates.
  • Interest rate fixed at 6.8 percent, with 10 years to repay.
  • Non-need-based loan with interest paid on a monthly basis during the enrollment period of or deferred and added to the principal amount when repayment begins.
  • All other terms are the same as above.

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