 |
GRADUATE/PROFESSIONAL
LOAN COMPARISONS |
| Loan Type |
Federal Perkins
Loan |
Ford Federal Direct
Subsidized Loan |
Ford Federal Direct
Unsubsidized Loan |
Ford Federal Direct
Graduate/Professional
PLUS Loan |
Student Educational
Loan Fund (SELF) |
| Interest Rates |
0% while in school
5% during repayment |
0% while in school
6.8% during repayment |
6.8% fixed rate |
7.9% fixed rate, payable from date of
first loan disbursement |
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
|
Must complete FAFSA
Need-based
At least half-time enrollment
|
Must complete FAFSA
At least half-time enrollment
|
Must complete FAFSA
Must be a graduate or professional student
At least half-time enrollment
Must be credit worthy |
Strongly recommend completing FAFSA
Must have credit worthy co-signer
At least half-time enrollment
|
| 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) |
$6,000 |
$20,500
No more than $8,500 of this amount may be in subsidized loans
|
Total cost of attendance (COA) minus all other accepted aid
|
$9,000
$500 minimum loan amount
|
| Aggregate Limits |
$60,000 maximum limit for graduate and undergraduate loans |
$138,500
No more than $65,500 of this amount may be in subsidized loans. The graduate
debt limit includes loans received for undergraduate study.
|
None |
$55,500 maximum cumulative limit for graduate and undergraduate
loans |
| 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
Current students may request an in-school deferment
|
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
|
Borrower must pass credit check
If credit check fails, an endorser may be obtained.
Borrower is responsible for repayment
May consolidate
|
Must make quarterly interest payments while in school
Cannot consolidate
No deferments while in school.
Co-signer required
|
| Additional Info |
|
U.
S. Dept of Education |
U.
S. Dept of Education |
Minnesota
Office of Higher Education |
© 1997-05 by the Regents
of the University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Updated July 16, 2009 |