Loan+Information

Always borrow federal loans before pursuing private/alternative loans.

=**Federal Perkins Loan**= Awarded based on exceptional need. Interest is subsidized and fixed at 5%. No fees. Favorable benefits may be lost upon consolidation.
 * REPAYMENT:** begins 9 months after graduation or dropping below half-time enrollment status.

=**Federal Stafford Loan**= Interest accrues starting 6 months after graduation. Fixed interest rate is 4.5% if loan originated on/after July 1, 2010 for undergraduate students. 1% fees.
 * Subsidized**

Interest accrues during school. Fixed interest rate is 6.8% if loan originated on/after July 1, 2006. 1% fees.
 * Unsubsidized**

On loans first disbursed on or after July 1, 2009, annual limits have increased by $2,000 for independdant and dependent undergrads.


 * REPAYMENT:** Begins 6 months after graduation or after dropping below half-time enrollment status.

=﻿**Federal Parent PLUS Loan**= If loan originated on/after July 1, 2006: Direct PLUS fixed interest rate is 7.9% with 4% fees.
 * REPAYMENT:** Begins 60 days after full disbursment, or 6 months after student graduates or drops below half-time. Interest cintinues to accrue during deferment.

=﻿Federal Consolidation Loan= Combines loans to one lender. Fixed interest rate is the weighted average of the loans rounded up to the nearest 1/8 of a % and capped at 8.25%.

=﻿Private/Alternative Loan= Eligibility, interest rate and fees based on better of borrower and cosigner credit scores. More expensive than Federal student loans. For more information on private/alternative loans, visit: www.finaid.org/privateloans