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Undergraduate Loan Comparison Chart

Loan TypeInterest RatesEligibilityLenderLoan Amount (Annual maximum)Aggregate LimitsFeesPrincipal RepaymentOther Considerations
Federal Perkins Loan0% while in school, 5% during repaymentMust complete FAFSA, need-based, at least full-time enrollment, funds are extremely limitedU.S. Department of Education; administered by the University of Minnesota $3,000$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. None9 months after graduating or dropping below half-time enrollmentNo credit-check required, may consolidate, may be forgiven if you enter certain professions
Ford Federal Direct Subsidized Loan0% while in school, 4.29% during repayment for loans disbursed before 7/1/2016, 3.76% fixed rate for loans disbursed after 7/1/2016Must complete FAFSA, need-based, at least half-time enrollmentU.S. Department of EducationSee belowSee below1.068% until October 1, 2016 / 1.069% after October 1, 20166 months after graduating or dropping below half-time enrollmentNo co-signer needed, may consolidate, no credit-check required
Ford Federal Direct Unsubsidized Loan4.29% fixed rate for loans disbursed before 7/1/2016, 3.76% fixed rate for loans disbursed after 7/1/2016 Must complete FAFSA, at least half-time enrollmentU.S. Department of EducationSee belowSee below1.068% until October 1, 2016 / 1.069% after October 1, 20166 months after graduating or dropping below half-time enrollmentNo co-signer needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest payments
Ford Federal Direct Parent PLUS Loan6.84% fixed rate for loans disbursed before 7/1/2016, 6.31% fixed rate for loans disbursed after 7/1/2016Must complete FAFSA, must be a parent of an undergraduate dependent student, at least half-time enrollmentU.S. Department of EducationTotal cost of attendance (COA) minus all other accepted aidNone4.272% until October 1, 2016 / 4.276% after October 1, 201660 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.Parent borrower must pass credit check, an endorser may be used if parent's credit is denied, may consolidate, parent borrower is responsible for repayment
Private LoanVaries, based on the lender and the credit score of borrower (and co-signer) VariesVariesVariesVariesVariesVariesVaries

Loan Amount - Dependent students (Annual Maximum)

Ford Federal Direct Subsidized Loan and Ford Federal Direct Unsubsidized Loan

Annual maximum for Direct LoansMay include subsidized amount up to:
Freshman$5,500$3,500
Sophomore$6,500$4,500
Junior$7,500$5,500
Senior$7,500$5,500
Senior+$7,500$5,500

Loan Amount - Independent students (Annual Maximum)

Ford Federal Direct Subsidized Loan and Ford Federal Direct Unsubsidized Loan

Annual maximum for Direct LoansMay include subsidized amounts up to:
Freshman$9,500$3,500
Sophomore$10,500$4,500
Junior$12,500$5,500
Senior$12,500$5,500
Senior+$12,500$5,500

Aggregate Limits

Ford Federal Direct Subsidized Loan and Ford Federal Direct Unsubsidized Loan

Dependent students:$31,000 (of which no more than $23,000 may be subsidized)
Independent students: $57,500 (of which no more than $23,000 may be subsidized)