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Loan Type Ford Federal Direct
Unsubsidized Loan
Ford Federal Direct Graduate / Professional PLUS Loan Private loans
Interest Rates 5.31% fixed rate (effective 7/1/2016) 6.31% fixed rate, payable from date of first loan disbursement (effective 7/1/2016)

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



- 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


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


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

Aggregate Limits


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

1.068% until October 1, 2016.

1.069% after October 1, 2016.

4.292% until October 1, 2016.

4.276% after October 1, 2016.

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


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


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
© 2015 by the Regents of the University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Updated June 1, 2015