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Undergraduate Loan Comparison Chart

Loan TypeInterest RatesEligibilityLenderLoan Amount (Annual maximum)Aggregate LimitsFeesPrincipal RepaymentOther Considerations
Federal Direct Subsidized Loan0% while in school, 4.45% during repayment for loans disbursed before 7/1/2018, 5.05% fixed rate for loans disbursed after 7/1/2018Must complete FAFSA, need-based, at least half-time enrollmentU.S. Department of EducationSee belowSee below1.066% until October 1, 2018 / 1.062% after October 1, 20186 months after graduating or dropping below half-time enrollmentNo co-signer needed, may consolidate, no credit-check required
Federal Direct Unsubsidized Loan4.45% fixed rate for loans disbursed before 7/1/2018, 5.05% fixed rate for loans disbursed after 7/1/2018Must complete FAFSA, at least half-time enrollmentU.S. Department of EducationSee belowSee below1.066% until October 1, 2018 / 1.062% after October 1, 20186 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
Federal Direct Parent PLUS Loan7.00% fixed rate for loans disbursed before 7/1/2018, 7.60% fixed rate for loans disbursed after 7/1/2018Must 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 aidNone4.264% until October 1, 2018 / 4.248% after October 1, 201860 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)

Federal Direct Subsidized Loan and 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)

Federal Direct Subsidized Loan and 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

Federal Direct Subsidized Loan and 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)