| | Federal
Subsidized Stafford | Federal
Unsubsidized Stafford | Parent
PLUS Loan |
| Application Process | Stafford Loan Application | PLUS Loan Application |
| Borrower | Dependent or Independent Student | Parent of Dependent Undergraduate Student |
| Interest Rates: | Fixed rate of 6.0% | Fixed rate of 6.8% | Fixed Rate of 8.5% (as of 7/1/06) |
| Principal Deferred | Yes | Possible while student is in school. Must contact your lender
for details. |
Interest Deferment
Options | Yes
The government pays the interest while the borrower is in school | Yes
Interest accrues during the deferment period. Students have the option to pay loan interest while in school; if the interest is not paid, it will be added to the principal loan balance. | Possible while student is in school. Must contact your lender
for details. |
| Grace Period: | 6 Months
Interest still paid by the federal government. Repayment of loan begins after the grace period. | 6 Months
Borrower is responsible for interest accrued during in-school and grace periods. Repayment of loan begins after grace period. | No
Repayment of principal and interest begins no later than 60 days after the loan is fully disbursed. |
Annual Loan
Maximums | Year 1 = $3,500
Year 2 = $4,500
Year 3-5 = $5,500 | Dependent Students
Same as Subsidized Stafford (less any Subsidized amount received)
Independent Students*
Same as above plus an additional amount: Year 1-2 = $4,000; Year 3-5 = $5,000 | Cost of Education Less Any Other Financial Aid |
| Annual Loan Maximum - Graduate/MBA | $8,500 | $12,000 | N/A |
| Maximum Length of Repayment | 10 years |
| Fees Deducted: | 1.5% | 1.5% | 3% |
Credit Check
Required | No | Yes* |
| Based on Need | Yes | No |
*Dependent students whose parents cannot borrow under the PLUS Loan Program due to an adverse credit history are elibible for the additional Independent Student Loan Funds. Please contact our office for more information.