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Student Loans

The U.S. Department of Education administers a variety of programs to help students and their families pay for a post-secondary education. Included in these are both the Federal Direct Student Loan Program (FDSLP) and the Perkins Loan Program. The information below compares these loan programs, providing the basic elements of each.

Loan Comparison

Subsidized Stafford Unsubsidized Stafford
Need-based, low-interest student loan in which the government pays the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time, and eligiblity is determined by the FAFSA. Low-interest student loan in which the student is responsible for the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time.
Amounts:
Freshman: $3,500
Sophomores: $4,500
Juniors/Seniors: $5,500

Amounts:
Dependent students: $2,000

Independent students: 
$6,000 (1st/2nd year)
$7,000 (3rd/4th year)

Interest Rate:
4.45% (fixed)

Interest Rate:
4.45% Undergraduate fixed)

6% Graduate (fixed)

Grace Period:
6 mos. after graduation or student drops below half-time
Grace Period:
6 mos. after graduation or student drops below half-time
Fee:
1.068% of the total loan amount
Fee:
1.068% of the total loan amount
Renewal:
Re-application required each year through FAFSA
Renewal:
Re-application required each year through FAFSA
Additional Requirements:
Master Promissory Note; Loan Counseling
Additional Requirements:
Master Promissory Note; Loan Counseling

 

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