Undergraduate Loan Comparison Chart
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Undergraduate Loan Comparison Chart
| Federal Direct Subsidized Loan | Federal Direct Unsubsidized Loan | Direct Parent Loan for Undergraduate Students (PLUS) | |
|---|---|---|---|
| Borrower | Undergraduate students | Undergraduate students | Parent of dependent undergraduate students |
| Interest rates | 4.5% fixed rate for loans disbursed after 7/1/2010 | 6.8% fixed rate | 7.9% fixed rate |
| Eligibility | Based on financial need | No income restrictions | No income restrictions |
| Annual Loan Limits |
$3,500 First year (student has completed less than 32 credits) $4,500 Second year (student has completed more than 32 credits) $5,500 Third Year + |
Dependent Undergraduate Students: $2,000 Each year Dependent Undergraduate Students whose parents are ineligible to borrow the PLUS due to a current bankruptcy or credit denial & Independent Undergraduate Students have the following additional eligibility: $4,000 First & Second-year Students $5,000 Third-year + |
Cost of education less any financial aid awarded. |
| Aggregate Loan Limits |
Dependent undergraduate: $23,000 Independent undergraduate: $23,000 |
Dependent undergraduate: $31,000 Independent undergraduate: $57,500
No more than $23,000 can be in subsidized loans |
|
| In-school interest | Paid by federal government | Paid by student borrower who may either make interest payments while in school, or capitalize the interest and begin repayment of interest with loan repayment. | Borrower responsibility |
| Grace period | Interest paid by federal government during six-month grace period | Interest paid by student borrower during six-month grace period | Interest paid by borrower during six-month grace period |
| Repayment terms |
• Repayment begins after grace period • $50 minimum monthly payment • 10-25 year maximum repayment term (based on total loan balance) |
• Repayment begins after grace period • $50 minimum monthly payment • 10-25 year maximum repayment term (based on total loan balance) |
• Repayment begins after grace period • $50 minimum monthly payment • 10-25 year maximum repayment term (based on total loan balance) |
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