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Federal Stafford Loans
Subsidized and Unsubsidized |
Graduate PLUS Loan |
Alternative Loan Program |
| Eligibility |
Mininum of half time enrollment in an approved school
Meet additional eligibility requirements for Federal Stafford Master Promissory Note (MPN) |
Mininum of half time enrollment in an approved school
Meet additional eligibility requirements for Federal PLUS Master Promissory Note (MPN) |
To be eligible for a School-Certified Student Loan, the borrower must be 18 (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi) by the date of the application, enrolled at least half-time in, or admitted to, an eligible institutions and a U.S. citizen or eligible non-citizen holding a valid unexpired USCIS form I-151 or I-661. Borrower must be making satisfactory academic progress
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| Loan Limits |
Annual: Up to $ 40,500 (Health Professions) or up to $20,500 for all other students
Aggregate: $224,000 less any subsidized amounts for cetain health professions students; otherwise, $138,500 for all other students |
Annual: Up to the Cost of Attendance minus other financial aid
No Aggregate Limit |
Annual: Up to the Cost of Attendance
Aggregate: Up to $250,000
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| Interest Rate |
Fixed at 6.8% |
Fixed at 8.5% |
Variable; Rates as low as Prime minus 0.5% to Prime + 7.9% |
| Capitalization |
Deferred Interest is capitalized once, at repayment |
Deferred Interest is capitalized once, at repayment |
Deferred Interest is capitalized once, at repayment |
| Fees |
0.5% origination 0%, 0.5% or 1% federal default fee depending on guarantor |
3% origination 0%, 0.5% or 1% federal default fee depending on guarantor |
As low as 0% |
| Repayment |
Begins after a six-month grace period upon graduation or enrollment to below half-time status
Flexible repayment options include: Standard, Graduated, Extended and Income Sensitive with terms up
to 25 years, depending on eligibility |
Begins 60 days after final disbursement for dropping to less than half-time
In school deferments are available |
No payments required while enrolled in school
No pre-payment penalties
Level and Graduated repayment options with forbearance options
Up to 12 month grace period
Repayment Term up to 25 years |
| Borrower Benefits |
0.25% interest rate reduction for auto-debit payments |
0.25% interest rate reduction for auto-debit payments
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Borrowers will receive a 0.5% interest rate reduction for auto-debit and another 0.5% reduction after 48 consecutive on-time payments |
These rates, terms and conditions may be modified or discontinued at any time without notice.
