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UNDERGRADUATE
LOAN COMPARISONS |
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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) |
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| Interest Rates | 0% while in school 5% during repayment |
0% while in school |
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) |
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| Eligibility |
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| 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
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| Loan Amount (Annual maximum) |
$3,000 |
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Total cost of attendance (COA) minus all other accepted aid |
Minimum $500 loan amount |
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| 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. |
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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 |
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| 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 |
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