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GRADUATE/PROFESSIONAL LOAN COMPARISONS
Loan Type Ford Federal Direct
Unsubsidized Loan
Ford Federal Direct Graduate / Professional PLUS Loan Private loans
Interest Rates 6.21% fixed rate 7.21% fixed rate, payable from date of first loan disbursement

Varies, based on the lender and the credit score of borrower (and co-signer)

Eligibility

 

- 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

Varies

Lender U. S. Department of Education U. S. Department of Education Varies
Loan Amount
(Annual maximum)

$20,500

Total cost of attendance (COA) minus all other accepted aid

Varies
Aggregate Limits

$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 Varies
Fees 1.072% until Oct. 1, 2014. 1.073% after Oct. 1, 2014. 4.288% until Oct. 1, 2014. 4.292% after Oct. 1, 2014. Varies
Principal Repayment 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

Varies

Other Considerations

 

- 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

Varies

Please use FastChoice to review private loan programs and select a loan that best suits your individual situation and needs.

 

Additional Info

 

U. S. Dept of Education U. S. Dept of Education FastChoice: private alternative loan options
© 2013 by the Regents of the University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Updated October 24, 2013