Click
HERE for the sample Award Package by Year.
Direct PLUS Loanhttp://www.parentplusloan.com/http://www.parentplusloan.com/plus-loans/The Federal PLUS Loan is a loan borrowed by a parent on behalf of a child to help pay for tuition and school related expenses at an eligible college or university, or by a graduate student for graduate school. The student must be enrolled at least half time, and the parent or graduate student must pass a credit check in order to receive this loan.
Federal Unsubsidized Stafford Loanshttp://www.staffordloan.com/stafford-loan-info/unsubsidized-student-loan.phpAn Unsubsidized Stafford Loan is a federally guaranteed loan that is not based on financial need. Interest will accrue from the time the loan is disbursed to the school. You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.
Unsubsidized Stafford Loan Benefits
Increased limits - borrow up to $2,000 more
Fixed interest rate - 6.8%
No payments required while enrolled in school
Click Here to Start Your Stafford Loan Application
Unsubsidized Stafford Loan Interest Rate information
The current interest rate on an Unsubsidized Stafford loan is 6.8% fixed. Interest begins accruing after the loan is disbursed to the school. You are not required to pay the interest while you are in school, but doing so can save you money. If you choose not to pay the interest while in school then the interest is capitalized when the loan enters repayment after being in school, in your grace period, or after deferment.
Federal Stafford Loan (Subsidized)http://www.staffordloan.com/stafford-loan-info/Stafford Loan Information
Stafford Loan Benefits:
Fixed interest rate - as low as 5.6%
No payments while in school at least half-time
This page will provide you with general Stafford Loan Information, and educate you about the Federal Stafford Loan Program.
Stafford Loans are federal student loans made available to college and university students to supplement personal and family resources, scholarships, grants, and work-study. Nearly all students are eligible to receive Stafford loans regardless of credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student's need.
Stafford Loan Information: Benefits
Low fixed interest rate, as low as 5.60%
Increased borrowing limits - borrow $2,000 more
No payments while enrolled in school
Acceptance not based on credit
Stafford Loan Information: EligibilityYou must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending a school that participates in the Federal Family Education Loan Program. Additionally:
You must have submitted a FAFSA to be eligible for a Stafford loan
For subsidized Stafford, you must have financial need as determined by your school
You must be enrolled or plan to enroll at least half time
Stafford Loan Information: FeesStafford loans that have been disbursed between 7/1/2009 and 6/30/2010 will have up to a 1.5% fee. This is made up of a 0.5% federal origination fee and a 1% federal default fee.
Stafford Loan Interest Rates
Note: Graduate Stafford Loans (both subsidized and unsubsidized) have a fixed interest rate of 6.8% through 2013.
Academic Year Subsidized Rates Unsubsidized/Graduate Rates2009-10 5.60% 6.80%
2010-11 4.50% 6.80%
2011-12 3.40% 6.80%
2012-13 6.80% 6.80%
Current Stafford Loan interest rates in effect from 07/01/2010 to 06/30/2011
Click Here to Start Your Stafford Loan Application
Stafford Loan LimitsDependent Students Annual Loan LimitsFirst Year $5,500 ($3,500 subsidized/$2,000 unsubsidized)
Second Year $6,500 ($4,500 subsidized/$2,000 unsubsidized)
Third Year and Beyond $7,500 ($5,500 subsidized/$2,000 unsubsidized)
Independent Students Annual Loan LimitsFirst Year $9,500 ($3,500 subsidized/$6,000 unsubsidized)
Second Year $10,500 ($4,500 subsidized/$6,000 unsubsidized)
Third Year and Beyond $12,500 ($5,500 subsidized/$7,000 unsubsidized)
Graduate or Professional $20,500 ($8,500 subsidized/$12,000 unsubsidized)
Lifetime LimitsUndergraduate Dependent $31,000 (Up to $23,000 may be subsidized)
Undergraduate Independent $57,500
Graduate or Professional $138,500 (Up to $65,000 may be subsidized)
or $224,000 (for Health Professionals)
For loans first disbursed on or after July 1, 2008.
Federal Perkins Loan
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of Perkins loans to award to students who are enrolled or accepted for enrollment. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled. In general, schools are reimbursed for 100 percent of the principal amount of the loan canceled, and the reimbursement must be reinvested in the school's revolving loan fund. These institutional reimbursements for loan cancellations are an entitlement.
Federal Pell Granthttp://www2.ed.gov/programs/fpg/index.htmlThe Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. Grant amounts are dependent on: the student's expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.
Students may not receive Federal Pell Grant funds from more than one school at a time.
College Savings Calculatorhttp://www.timevalue.com/calculators/college-savings-calculator.aspx