Graduate/Professional Loan Comparison Chart
| Loan Type | Federal Direct Unsubsidized Loan | Federal Direct Graduate/Professional PLUS Loan | Private Loans |
|---|---|---|---|
| Interest Rates | 4.30% fixed rate (effective 7/1/2020) | 5.3% fixed rate, payable from date of first loan disbursement (effective 7/1/2020) | Varies, based on the lender and the credit scores of borrower (and co-signer) |
| Eligibility | Must complete FAFSA and have at least half-time enrollment | Must complete FAFSA, must be a graduate or professional student, be at least half-time enrollment, and 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 $65,000 of this amount may be in subsidized loans. The graduate debt limit includes loans received for undergraduate study | None | Varies |
| Fees | 1.059% until October 1, 2021 | 4.228% after October 1, 2020 | 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 cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments | Borrower must pass credit check, if credit check fails, an endorser may be obtained, borrower is responsible for repayment, may consolidate | Varies |
For additonal information, please visit the Federal Student Aid website for federal loans and FASTChoice for private loans.