Financial Aid for College
- ABCs of Financial Aid
- Positioning Your Income and Assets to Enhance Financial Aid Eligibility
- Major Federal Financial Aid Programs
| Direct Unsubsidized Stafford Loan | Direct Subsidized Stafford Loan | Perkins Loan | Direct PLUS Loan | |
|---|---|---|---|---|
| Description | A federal student loan available to students regardless of financial need | A federal student loan available to students with financial need | A federal student loan available to students with the greatest financial need | A federal loan available to parents and students with good credit histories regardless of financial need |
| Available to | Undergraduate and graduate students enrolled at least half-time | Undergraduate students only enrolled at least half-time | Undergraduate and graduate students (can be less than half-time) | Parents of undergraduate students enrolled at least half-time, and graduate and professional students |
| Lender | Federal government only | Federal government only | College | Federal government only |
| Borrower | Student | Student | Student | Parent or graduate/ professional student |
| Based on financial need | No | Yes | Yes | No |
| Interest rate for loans disbursed academic year 2016/2017 | 3.76% fixed for undergraduates; 5.31% fixed for graduate students | 3.76% fixed | 5% fixed | 6.31% fixed |
| Interest subsidized | No | Yes1 | Yes1 | No |
| Grace period | 6 months | 6 months | Generally 9 months | 6 months |
| Loan limits for academic year 2016/2017 | Dependent undergraduates: 1st year - $5,500 ($3,500 subsidized), 2nd year - $6,500 ($4,500 subsidized), 3rd to 5th year - $7,500/year ($5,500 subsidized), $31,000 maximum Independent undergraduates and dependent undergraduates whose parents don't qualify for PLUS loans: 1st year - $9,500 ($3,500 subsidized), 2nd year - $10,500 ($4,500 subsidized), 3rd to 5th year - $12,500/year ($5,500/year subsidized), $57,500 maximum Graduate students: $20,500 per year, $138,500 maximum including undergraduate loans | Undergraduate students: Graduate students: | Student's total cost of education, minus any other financial aid received | |
1The federal government pays the interest on the loan while the student is in school at least half-time, in a grace period, or in a deferment period.
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