Loan Information
Loan Information
by Sheri Schultis
October 25, 2005
Loan Information
Direct/FFEL Stafford Loan
- 5.30% - current repayment rate, 4.7% - rate during in-school, grace and deferment periods, variable rate capped at 8.25%, subsidized - interest begins after school, awarded based on needs, unsubsidized -- interest begins during school enrollment, REPAY -- starts 6 months after leaving school or dropping below half-time enrollment status.
Federal PLUS Loan
- low variable interest rate loan for parents, currently 6.10%, capped at 9%; REPAY - begins within 60 days after last disbursement of plan.
Federal Perkins Loan
- combined funds from government and school for extreme need, interest rate is 5%, REPAY -- begins 9months after leaving school or dropping below half-time enrollment status.
Consolidation Loan
- Combine Federal loans to one vender, fixed interest is the weighted average of the federal loans rounded up to the nearest 1/8 of a %, interest rate capped at 8.25%, lower monthly payments.
Private/Alternative Loan
- Higher cost than Federal education loans. May have more flexible repayment provisions.
Loan Information
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