Loan Fact Sheet

  • Student Loan Fact Sheet
       Federal Direct Subsidized  Federal Direct Unsubsidized  Federal Direct Parent PLUS
     Application Process  Direct Loan Application  Direct Loan Application  Direct Parent PLUS Loan Application
     Borrower  Dependent or Independent Undergraduate Student  Dependent or Independent Student  Parent of Dependent Undergraduate Student
     Interest Rates  Fixed 4.66%  Fixed 4.66% for undergraduates; 6.21% for graduate students  Fixed 7.21%
     Principal Deferred Yes Yes  Possible while student is in school - contact your servicer for details.
     Interest Deferment Options  Yes. The government pays the interest while 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. 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. Contact your servicer 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. 
    Possible while student is in school - contact your servicer for details.  
     Annual Loan Maximums  Year 1 = $3,500
    Year 2 = $4,500
    Year 3-5 = $5,500
    Depends on financial need
    Dependent Students: up to -
    Year 1 = $5,500
    Year 2 = $6,500
    Year 3-5 = $7,500
    Less amount received in Subsidized loan.

    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
     Standard Length of Repayment  10 Years  10 Years  10 Years
     Fees Deducted  1.073%  1.073%  4.292%
     Credit Check Required No No Yes*
     Based on Need Yes No No

    *Dependent students whose parents cannot borrow under the Direct Parent PLUS Loan Program due to an adverse credit history are eligible for the additional Independent Student Loan Funds. Please contact our office for more information.