Loans

FAFSA Required
Yes/No

Need-Based? Yes/No

Range of Awards

Interest Rate

Repayment Begins

Aggregate limits

Notes

Federal Perkins Loan

Yes

Yes

Varies

5%

9 months after graduation (bachelor’s) or below half-time enrollment.

$20,000

-

Federal Nursing Loan

Yes

Yes

Varies

5%

9 months after graduation/ separation  or below half-time enrollment.

$13,000

-

Subsidized Federal Stafford Loans

Yes

Yes

$3,500 for freshman

$4,500 for sophomores

$5,500 for juniors and seniors.

Until 6/30/08 a fixed rate of 6.8%

On/After 7/1/08 a fixed rate of 6.0%

6 months after graduation or below half-time enrollment.

$23,000 combined total for Subsidized and Unsubsidized*.

Students have ten years to repay under the standard repayment plan.

Unsubsidized Federal Stafford Loans

Yes

No

$3,500 for freshman

$4,500 for sophomores

$5,500 for juniors and seniors.

Until 6/30/08 a fixed rate of 6.8%

6 months after graduation (bachelor’s) or below half-time enrollment.

$23,000 combined total for Subsidized and Unsubsidized*.

Students have ten years to repay under the standard repayment plan.

The Additional Unsubsidized Stafford Loan

Yes

No

$4,000 for freshman and sophomores.

$5,000 for juniors and seniors.

Until 6/30/08 a fixed rate of 6.8%

6 months after graduation (bachelor’s) or below half-time enrollment.

$23,000

Students have ten years to repay under the standard repayment plan.

Federal Parent Loans for Undergraduate Students (PLUS)

No

No

Eligible parents can borrow up to the total annual cost of attendance less other financial assistance.

Fixed rate of 8.5%

60 days after the loan is fully disbursed .

None

Must be a US citizen or eligible non-citizen.

Alternative Education Loans

No

No

Students may borrow up to the total annual cost of attendance less other financial assistance.

Variable rate based on borrower and/or co-borrower’s credit score

Talk to your lender about coborrower requirements, borrower benefits, and terms and conditions.