 |
UNDERGRADUATE
LOAN COMPARISONS |
Loan Type |
Federal Perkins
Loan |
Ford Federal Direct
Subsidized Loan |
Ford Federal Direct
Unsubsidized Loan |
Ford Federal Direct
Parent PLUS Loan |
Student Educational
Loan
Fund Loan (SELF) |
| Interest Rates |
0% while in school
5% during repayment |
0% while in school
5.6% during repayment for undergraduate students (effective July 1,
2009)
6.8% during repayment for graduate and professional students |
6.8% fixed rate |
7.9% fixed rate |
3.9% (as of October 1, 2009) while in school, grace period, and repayment
(variable; adjusted quarterly) |
| Eligibility |
Must complete FAFSA
Need-based
At least full-time enrollment
Funds are extremely limited |
Must complete FAFSA
Need-based
At least half-time enrollment |
Must complete FAFSA
At least half-time enrollment |
Must complete FAFSA
Must be a parent of an undergraduate dependent student
At least half-time enrollment |
Must have credit worthy co-signer
At least half-time enrollment
Strongly recommend completing FAFSA |
| Lender |
U. S. Department of Education; administered by the University
of Minnesota |
U. S. Department of Education |
U. S. Department of Education |
U. S. Department of Education |
Minnesota Office of Higher Education
|
Loan Amount
(Annual maximum) |
$3,000
|
| |
Dependent |
Independent
|
| |
Annual maximum for Direct Loans |
May include subsidized amounts up to: |
Annual maximum for Direct Loans |
May include subsidized amounts up to: |
| Freshman: |
$5,500 |
$3,500 |
$9,500 |
$3,500 |
| Sophomore: |
$6,500 |
$4,500 |
$10,500 |
$4,500 |
| Junior: |
$7,500 |
$5,500 |
$12,500 |
$5,500 |
| Senior: |
$7,500 |
$5,500 |
$12,500 |
$5,500 |
| Senior+: |
$7,500 |
$5,500 |
$12,500 |
$5,500 |
|
Total cost of attendance (COA) minus all other
accepted aid |
| Freshman: |
$7,500 |
| Sophomore: |
$7,500 |
| Junior: |
$7,500 |
| Senior: |
$7,500 |
| Senior+: |
$7,500 |
Minimum $500 loan amount |
| Aggregate Limits |
$11,000 for students with less than two years of undergraduate study completed.
$27,500 for students who have completed at least two years of undergraduate study and are pursuing a bachelor’s degree. |
| |
|
| Dependent: |
$31,000 (of which no more than $23,000 may be subsidized) |
| Independent: |
$57,500 (of which no more than $23,000 may be subsidized) |
|
None |
$37,500 |
| Fees |
None |
1.5% Origination fee
1.0% rebate on origination fee |
4% origination fee
1.5% rebate on origination fee |
None |
| Principal Repayment |
9 months after graduating or dropping below half-time enrollment |
6 months after graduating or dropping below half-time enrollment |
6 months after graduating or dropping below half-time enrollment |
60 days after final disbursement per loan. May choose to defer payments until six months after the date the student ceases to be enrolled at least half time. |
12 months after graduating or dropping below half-time enrollment |
| Other Considerations |
No credit-check required
May consolidate
May be forgiven if you enter certain professions |
No co-signer needed
May consolidate
No credit-check required |
No co-signer needed
May consolidate
No credit-check required
Accrues interest while in school
May postpone in-school interest payments |
Parent borrower must pass credit check
May consolidate
Parent borrower is responsible for repayment |
Must make quarterly interest payments while in school
Cannot consolidate
No deferments while in school.
Co-signer required |
| Additional Information |
|
U.
S. Dept of Education |
U.
S. Dept of Education |
Minnesota
Office of Higher Education |
© 1997-2008 by the Regents
of the University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Updated July 16, 2009 |