Federal
Perkins Loan
Subsidized
Stafford Loan
Unsubsidized
Stafford Loan
Parent
PLUS Loan
  Definition
  Very low-interest loan for students     Low interest loan for students     Low interest loan for students     Loan for parents to pay for dependent student's education  
  Funding
  Federal government and school     Lender
(FFELP: financial institution or school; FDLP: ED)		     Lender
(FFELP: financial institution or school; FDLP: ED)		     Lender
(FFELP: financial institution or school; FDLP: ED)		  
  Administration
  School     Lender     Lender     Lender  
  Interest Subsidy*
  Subsidized *     Subsidized
("Sub") *		     Unsubsidized ("Unsub") *     None  
  Eligibility
  Student
U.S. citizen or permanent resident		     Student
U.S. citizen or permanent resident		     Student
U.S. citizen or permanent resident		     Parent of dependent student
U.S. citizen or permanent resident		  
  Need-Based?
  Yes (exceptional need)     Yes     No     No  
  Credit Check Required?
  No     No     No     Yes (no adverse credit history)  
  Origination/Guarantee Fees
  None     Up to 4%     Up to 4%     Up to 4%  
  Maximum Annual Amounts
       Undergraduate
  $4,000    

Dependent:**

First year: $2,625 (sub and unsub Stafford Loans combined)

Second year: $3,500 (sub and unsub Stafford Loans combined)

Third/fourth years: $5,500 (sub and unsub Stafford Loans combined)

    

Dependent:**

First year: $2,625 (sub and unsub Stafford Loans combined)

Second year: $3,500 (sub and unsub Stafford Loans combined)

Third/fourth years: $5,500 (sub and unsub Stafford Loans combined)

     Up to the total cost of the student's education less other aid received  
       

Independent:**

First year: $2,625

Second year: $3,500

Third/fourth years: $5,500

    

 Independent** or Dependent (whose parents didn't qualify for Parent PLUS Loan):

First year: $6,625 (up to $2,625 may be in sub Stafford Loans)

Second year: $7,500 (up to $3,500 may be in sub Stafford Loans)

Third/fourth years: $10,500 (up to $5,500 may be in sub Stafford Loans)

        
       Graduate and Professional Study
  $6,000     $8,500     Graduate:
$18,500 (up to $8,500 may be in sub Stafford Loan)		        
  Aggregate Totals
       Undergraduate
  $20,000     $23,000     Dependent:
$23,000 (between sub and unsub Stafford Loans)

Independent:
$46,000 (up to $23,000 may be in sub Stafford Loans)

     N/A  
       Graduate/Professional Study
  $40,000     $65,500     Graduate:
$138,500 (up to $65,500 may be in sub Stafford Loans)
Graduate debt limit includes any Stafford Loans received for undergraduate study.		     N/A  
  Interest Rate
       Fixed or Variable?
  Fixed     First disbursed on or after July 1, 2006 fixed at 6.8%

First disbursed before July 1, 2006 are variable, adjusted annually, and capped at 8.25%		     First disbursed on or after July 1, 2006 fixed at 6.8%

First disbursed before July 1, 2006 are variable, adjusted annually, and capped at 8.25%		     First disbursed on or after July 1, 2006 fixed at 8.5%

First disbursed before July 1, 2006 are variable, adjusted annually, and capped at 9.0%		  
       In-School/Grace/Deferment
  5.00%     6.8%     6.8%     N/A  
       Repayment
  5.00%     6.8%     6.8%     8.5%  
  Standard Repayment Term
  Up to 10 years     Up to 10 years     Up to 10 years     Up to 10 years  
  Minimum Repayment
       Per Year
  $480     $600     $600     $600  
       Per Month
  $40     $50     $50     $50  
  Repayment Begins
  Nine months after student graduates, withdraws, or attends school less than half time.     Six months after student graduates, withdraws, or attends school less than half time.     Six months after student graduates, withdraws, or attends school less than half time.     Immediately after full disbursement; however, first payment is due no later than 60 days after funds are disbursed.  
   
 

* 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.

 
     

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