Loans

Interest Rate

Fixed at 2.75% between 7/1/20 – 6/30/21
(the federal government generally pays the interest that accrues while
the borrower is in an in-school, grace, or deferment status)

Fixed at 2.75% between 7/1/20 – 6/30/21 (Interest accrues from the date of disbursement)

Fixed at 5.30% between 7/1/20 – 6/30/21
(Interest accrues from the date of disbursement)

Variable
(Interest accrues from the date of disbursement)

Origination Fees

Origination Fee is 1.057% between 10/1/20 – 9/30/21

Origination Fee is 1.057% between 10/1/20 – 9/30/21

Origination Fee is 4.228% between 10/1/20 – 9/30/21

Fees vary based on lender, loan type and credit history.

Annual Loan Limits

Up to $5,500 depending on grade level and dependency status.

For total lifetime limit, go to studentaid.gov/subunsub

Up to $12,500
(less any subsidized amounts received for same period) depending on grade level and dependency status.

For total lifetime limit, go to studentaid.gov/subunsub

Up to the total cost of attendance minus other financial aid received.

Depends on lender and credit history

Credit Requirements

No credit checks

No cosigner required

No debt-to-income scoring

No credit checks

No cosigner required

No debt-to-income scoring

Credit checks required

Cosigner may be required

No debt-to-income scoring

Credit checks required

Cosigner may be required

Debt-to-income scoring may be required

Deferment/Forbearance

Available

Available

Available

Depends on Lender

Repayment

Grace period is 6 months after graduation, last day of attendance or fall below half-time.

Maximum term 10 to 25 years.

Grace period is 6 months after graduation, last day of attendance or fall below half-time.

Maximum term 10 to 25 years.

No grace period.

Repayment begins within 60 days after final disbursement.

Maximum term 10 to 25 years.

No grace period.

Repayment terms vary.