This is our estimate of the terms and conditions for these loan programs. While every effort has been made to provide complete and accurate information, this is not intended to be a contract. This information is subject to change.
Loan Programs Summary
Information as of June 2010 and is subject to change.
| Program | Annual Maximum $ Amount |
Aggregate
Maximum $ Amount |
Interest Rate | Front End Fees | Credit Based | Cosigner Allowed | Grace Period1 | Repayment Terms (Years) | In-School/ Grace Period Interest Accrual | Eligible for Federal Loan Consolidation |
|---|---|---|---|---|---|---|---|---|---|---|
|
Federal Subsidized
Stafford Loan
|
$8,500
|
$65,500
|
6.8% fixed
|
0-2%
|
No
|
No
|
6 months
|
102
|
No
|
Yes
|
|
Federal Unsubsidized
Stafford Loan
|
$20,500 (minus
any subsidized Stafford)
|
$138,500
|
6.8% fixed
|
0-2%
|
No
|
No
|
6 months
|
102
|
Yes
|
Yes
|
|
Federal Perkins
Loan
|
$8,000
|
$60,000
|
5%
|
0%
|
No
|
No
|
9
months
|
102
|
No
|
Yes
|
|
Federal Grad PLUS Loan3 |
Cost of Attendance less other aid
|
None
|
7.9% fixed
|
3-4%
|
Yes
|
Yes
|
6 months4
|
202
|
Yes
|
Yes
|
|
Other Institutional
Loans
|
$5,000
|
$15,000
|
5%
|
0%
|
No
|
No
|
9 months
|
10
|
No
|
No
|
1 The period of time that begins when a student ceases to be enrolled at least half-time and ends when the repayment period starts.
2 May be consolidated through the Federal Loan Consolidation Program, extending period of repayment up to 30 years.
3 Unlike undergraduate PLUS loans, where parents were allowed to borrow loans, Graduate/Professional students will be borrowing on their own.
4 Instead of a grace period, a student may postpone repayment for up to 6 months after leaving school by
requesting a forbearance.
Annual Limits for Graduate and Professional Students
Stafford Loan - Annual Limits Each Year $8,500 $12,000 $20,500 $236 $28,309 Stafford Loan - Aggregate Limits $65,500 $73,000 $138,5006 $1,594 $191,263
5 Assumes 6.8 percent interest rate.
Base Subsidized
& UnsubsidizedAdditional
UnsubsidizedMaximum
Subsidized &
UnsubsidizedEstimated
Monthly Payment5
(on maximum)Estimated Total
Payment Amount**
(over 10 years)
6 No more than $65,500 in subsidized Stafford loans; includes amounts received as an undergraduate.
