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 +
(student has completed 64 or more credits and is enrolled in a 4-year program)

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 +
(student has completed 64 or more credits and is enrolled in a 4-Year program)

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)