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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, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. There are lenders and guarantors that work with Sallie Mae that pay all or a portion of these fees. |
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Up to 4%: a 3% federal origination fee and a 1% federal default fee.
Note: There are lenders and guarantors that work with Sallie Mae that will pay all or a portion of the default fee on behalf of Parent PLUS borrowers whose loans are guaranteed July 1, 2007–June 30, 2008. |
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Annual Amounts |
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$4,000 |
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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 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% |
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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% |
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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% |
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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 for up to 60 months, including while your student is in school.
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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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