Loan Program Guide
Federal Family Educational Loan Program Guide
Federal Stafford Loan Program
for loans disbursed after July 1, 2008 the following applies:
- Subsidized Stafford loans have a fixed interest rate of 6.0% for undergraduate students.
- Unsubsidized Stafford loans have a fixed interest rate of 6.8% for undergraduate students.
- Subsidized and Unsubsidized Stafford loans have a fixed interest rate of 6.8% for graduate and professional students.
- Guaranty agencies may deduct a federal default fee of 1% from each disbursement.
- Lenders may also deduct a 1 % origination fee from each disbursement.
- Interest on Subsidized Stafford loans is paid by the federal government while the student is in school.
- Repayment begins 6 months after graduation (or enrollment status drops below half-time.)
- Annual borrowing limits:
Dependent Students ( Except Students Whose Parents Cannot Borrow a PLUS Loan) | Base Amount | Additional unsubsizided loan amount effective July 1, 2008 |
Freshmen (0-23 hours) | $3,500 | $2,000 |
Sophomores (24-59 hours) | $4,500 | $2,000 |
Juniors (60-95 hours) | $5,500 | $2,000 |
Seniors (96-128 hours) | $5,500 | $2,000 |
Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS loan)
| Base Amount | Additional unsubsizided loan amount effective July 1, 2008 |
Freshmen (0-23 hours) | $3,500 | $6,000 |
Sophomores (24-59 hours) | $4,500 | $6,000 |
Juniors (60-95 hours) | $5,500 | $7,000 |
Seniors (96-128 hours) | $5,500 | $7,000 |
| Base Amount | Additional unsubsizided loan amount effective July 1, 2008 |
Graduate, Law, Physical Therapy and Occupational Therapy Students | $8,500 | $12,000 |
Pharmacy Students | $8,500 | $24,500 |
Medical and Dental Students | $8,500 | $32,000 |
- Aggregate borrowing limits:
Dependent | $23,000 Subsidized $31,500 sub/unsub combined |
Independent | $23,000 Subsidized $57,500 Sub/unsub combined |
Graduate, Law, Physical Therapy, Occupational Therapy | $65,500 Subsidized $138,500 sub/unsub combined |
Medical, Dental, Pharmacy | $65,500 Subsidized $214,000 sub/unsub combined |
Federal PLUS Loan Programs
PLUS for parents
- Available to parents of dependent undergraduate students. Parents can borrow up to total cost of attendance minus other financial aid. The loan is in the parent's name. Repayment begins 60 days after 2nd disbursement of the loan period.
- A 3% origination fee will be deducted by the lender from each disbursement
- A 1% Federal default fee may be deducted by the guaranty agency. Some lenders will pay this fee on behalf of their borrowers.
- Fixed interest rate of 8.5%
Grad PLUS
- Students can borrow, on their own behalf, up to total cost of attendance minus other financial aid. These loans will benefit from an automatic in-school deferment. Graduate students get an in-school deferment on this loan. Repayment begins immediately upon graduation.
- A 3% origination fee will be deducted by the lender from each disbursement
- A 1% Federal default fee may be deducted by the guaranty agency. Some lenders/guarantors will pay this fee on behalf of their borrowers.
- Fixed interest rate of 8.5%.
View a chart that shows estimated monthly loan payments