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STUDENT LOANS

FEDERAL PERKINS LOAN - federal campus-based loan program awarded to students who demonstrate financial need. Repayment of principal an interest begins nine months after separation from college. The interest rate is at 5%. Awards range from $500 to $2,000.

FEDERAL DIRECT STAFFORD LOAN PROGRAM - all first-time Stafford Loan borrowers must complete entrance loan counseling and a Master Promissory Note. Go to  StudentLoans.gov and sign in using your federal pin to complete.

SUBSIDIZED STAFFORD LOAN - eligibility is determined by FAFSA. Interest is subsidized by federal government and principal is deferred while borrower is in school. Repayment begins six months after separation from college. Fixed interest rates as of July 1, 2010 are 4.50% for undergraduate and 6.80% for graduate loans.

UNSUBSIDIZED STAFFORD LOAN - available to those who don't qualify for all or part of the Subsidized Stafford. Interest is not subsidized and is either paid quarterly during enrollment or capitalized by the lender. Principal repayment is deferred until six months after graduation. Fixed interest rate as of July 1, 2010 is 6.80%.

LOAN LIMITS FOR
SUBSIDIZED AND UNSUBSIDIZED STAFFORD

(Effective for 2010-2011)

Freshman 

(0-29.9 credits)

$3,500

$2,000 $5,500

Sophomore 

(30-59.9 credits)

$4,500

$2,000 $6,500

Junior 

(60-89.9 credits)

$5,500

$2,000 $7,500

Senior 

(90+credits)

$5,500

$2,000 $7,500

Graduate Students

 

$8,500

   

ADDITIONAL UNSUBSIDIZED STAFFORD - dependent students whose parents are unable to borrow the PLUS Loan due to credit problems may borrow an additional amount through the Unsubsidized Stafford Loan and program. Parents must first apply and be denied the PLUS before the additional Unsubsidized Stafford can be processed for a dependent undergraduate. Independent students and graduate students may also borrow the Unsubsidized Stafford Loan.

LOAN LIMITS FOR ADDITIONAL UNSUBSIDIZED STAFFORD

(Effective for 2010-2011)

Freshman

(0 - 29.9 credits)

$4,000

Sophomore

(30 - 59.9 credits)

$4,000

Junior

(60 - 89.9 credits)

$5,000

Senior

(90+ credits)

$5,000

Graduate Students

 

$12,000

GRADUATE PLUS LOAN

The Graduate PLUS may be used by graduate students who are enrolled at least half-time to cover up to 100 percent of the total cost of education, minus other financial aid awarded.  Graduate students must file the FAFSA and pass a credit evaluation.  Many students with limited or no credit history can still qualify for this loan.  Principal and interest payments may be deferred during enrollment.  The Graduate PLUS Loan offers a fixed interest rate of 7.9% as of July 1, 2010.  Lenders may charge up to 4 percent in fees.  A Federal PLUS Loan Application and Master Promissory Note (MPN) must also be completed before the loan can be approved.  To apply for a Graduate PLUS Loan, go to studentloans.gov  and click on Apply for a Graduate PLUS Loan.



PARENT LOANS

FEDERAL PARENT PLUS LOAN - credit-worthy parents of undergraduate dependent students may borrow the difference between the student's total costs and all other aid he/she is receiving. Fixed rate as of July 1, 2010 is 7.9%.

Repayment begins 60 days after second disbursement. Some lenders will allow deferment of principal during student's enrollment. Repayment term is 10 years. To apply for a PLUS Loan, go to Studentloans.gov Select Apply for a loan and then select Apply for a PLUS Loan.


ALTERNATIVE LOANS

Click here for information on Private Loan programs.


 

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