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Type of Loan |
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Federal
Perkins Loan |
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Subsidized
Stafford Loan |
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Unsubsidized
Stafford Loan |
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Parent
PLUS Loan |
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Very low interest rate loan for students |
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Low interest rate loan for students |
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Low interest rate loan for students |
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Loan for parents of dependent student |
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Source of Funding |
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Federal government and school |
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Lender
(FFELP: financial institution or school; FDLP: ED) |
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Lender
(FFELP: financial institution or school; FDLP: ED) |
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Lender
(FFELP: financial institution or school; FDLP: ED) |
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Administration |
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School |
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Lender |
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Lender |
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Lender |
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Interest Subsidy* |
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Subsidized* |
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Subsidized
("Sub")* |
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Unsubsidized ("Unsub")* |
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None |
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Eligibility |
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Student
U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen. |
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Student
U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen. |
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Student
U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen. |
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Parent of dependent student
U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen. |
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Need-Based? |
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Yes
(exceptional need) |
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Yes |
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No |
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No |
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Credit Check Required? |
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No |
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No |
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No |
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Yes (no adverse credit history) |
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Fees |
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None |
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For loans first disbursed July 1, 2008–June 30, 2009: Up to 2% in fees that includes a 1% federal origination fee and a 1% federal default fee. |
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Up to 4%: a 3% federal origination fee and a 1% federal default fee. |
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Annual Amounts |
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$5,500 |
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Dependent**
$5,500* first year combined
$6,500* second year combined
$7,500 third and fourth year combined |
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Dependent**
$5,500* first year combined
$6,500* second year combined
$6,500 third and fourth year combined |
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Borrow up to the full cost of your dependent, undergraduate student's education less other aid received. |
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Independent***
$9,500* first year combined
$10,500* second year combined
$12,500 third and fourth year combined
*For loans first disbursed on or after July 1, 2008.
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Independent***
$9,500* first year
$10,500* second year
$12,500 third and fourth year
*For loans first disbursed on or after July 1, 2008.
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Graduate and Professional Degree Study |
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$6,000 |
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$8,500 |
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Graduate
$20,500 (up to $8,500 may be in sub Stafford) |
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Maximum Total Debt |
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Undergraduate |
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$20,000 |
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$31,000 |
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Dependent**
$31,000
Independent***
$57,500 |
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N/A |
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Graduate/Professional Study |
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$40,000 |
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$65,500 |
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Graduate
$138,500 (up to $65,500 may be in sub Stafford)
Graduate debt limit includes any Stafford received for undergraduate study. |
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N/A |
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Interest Rate |
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5% Fixed |
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First disbursed July 1, 2008–June 30, 2009 is 6%
For graduate and professional students rate is fixed at 6.8%. |
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First disbursed July 1, 2008–June 30, 2009 is fixed at 6.8%. |
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First disbursed on or after July 1, 2006 is fixed at 8.5%. |
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Standard Repayment Term |
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Up to 10 years |
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Up to 10 years |
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Up to 10 years |
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Up to 10 years |
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Minimum Repayment |
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Per Year |
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$480 |
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$600 |
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$600 |
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$600 |
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Per Month |
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$40 |
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$50 |
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$50 |
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$50 |
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Repayment Begins |
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Nine months after student graduates, withdraws, or attends school less than half time. |
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Six months after student graduates, withdraws, or attends school less than half time. |
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Starts within 60 days after final disbursement of the loan.
Parents may postpone repayment while the beneficiary student remains enrolled at least half time and for an additional six months afterward.
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* Subsidized Loan: Borrower is not charged interest before repayment
begins or during authorized periods of deferment.
* Unsubsidized Loan: Borrower is charged interest
from the time the loan is disbursed until it is paid
in full.
** Dependent Student: An undergraduate student whose parents provide
more than half of their financial support. A dependent
student is not married, is under 24 years of age, has
no legal dependents, is not an orphan or ward of the
court, nor a veteran of the U.S. Armed Forces.
*** Independent Student: A student who is either married, 24 years of
age or older, enrolled in a graduate or professional
education program, has legal dependents other than a
spouse, is an orphan or ward of the court, or a veteran
of the U.S. Armed Forces.
Additional education funds can be borrowed through
private education
loans.
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