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Table Comparison of Loan Options |
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Written by Dongmiao Cui
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The table below compares the key characteristics of the typical loans available for students attending post-secondary schooling in the United States.
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Federal Stafford Loans |
Federal Perkins Loans |
Federal PLUS Loans |
Private Loans |
| Sponsor |
The federal government |
The federal government |
The federal government |
Financial institutions |
| Eligibility |
Undergraduate, Graduate |
Undergraduate, Graduate |
Undergraduate, Graduate |
Undergraduate, Graduate, Parents, International |
| Interest Rate |
Subsidized: 5.60%
Unsubsidized: 6.80%
Grad: 6.80% |
5% |
8.50% |
Best rate is offered at LIBOR +2% or PRIME - 0.5%, competitive with the Federal PLUS Loans.
The interest rates often vary within a range of LIBOR +3% and LIBOR + 13% |
| Lifetime Limits |
Dependent Undergraduate: $31,000
Independent Undergraduate: $57,500
Graduate: $138,500 |
Undergraduate: $27,500
Graduate: $60,000 (including any Perkins from undergraduate years) |
Cost of attendance minus other financial aid |
Range from as little as $120,000 to as much as $275,000 or beyond |
| Fees |
Up to 1.50% |
None |
Origination fee up to 3% and occasionally guarantee fee up to 1% |
Can range from 0% to over 6% |
| Application Form |
FAFSA |
FAFSA |
PLUS application |
Encouraged to fill out the FAFSA to be considered for other grants and awards |
| Grace Period |
6 months |
9 months |
None |
Can range from 0 to over 9 months |
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Last Updated on Thursday, 16 December 2010 21:10 |
