Federal Loans: Stafford, PLUS, Perkins

Federal Loan Programs

Loan Type
Eligibility
Subsidized & Unsubsidized Undergraduate Students may receive a Direct Subsidized Loan, a Direct Unsubsidized Loan, or both for the same academic year.  Graduate/Professional Students are only eligible to receive and Unsubsidized Loan. The Subsidized Stafford Loan is based on financial need. Students may qualify for a Direct Unsubsidized Loan regardless of their financial need.
PLUS PLUS Loans are available to either Graduate/Professional Students or to Parents of Undergraduate Students. Borrowers must be credit-worthy U.S. Citizens or Permanent Residents.
Perkins The Federal Perkins Loan is a campus-administered federal program that provides fixed-interest loans to students with exceptional need.

 Loan Amounts

Loan Type
Year
Dependent Undergraduate
Independent Undergraduate

(or Dep. Undergrad whose
parent is denied a PLUS Loan)
Graduate &
Professional Student
Stafford
1st
$5,500 (max $3,500 Subsidized)
$9,500 (max $3,500 Subsidized)
Up to $20,500 each academic year
Stafford
2nd
$6,500 (max $4,500 Subsidized)
$10,500 (max $4,500 Subsidized)
Stafford
3rd & Beyond
$7,500 (max $5,500 Subsidized)
$12,500 (max $5,500 Subsidized)
PLUS any The maximum loan amount may not exceed the cost of education, minus other estimated financial assistance.
Perkins any $5,500 per year $5,500 per year $8,000 per year

Interest Rates

Loan Type
Borrower Type
Loan First Disbursed
between 7/1/14-6/30/15
Loan First Disbursed
between 7/1/15 - 6/30/16
Subsidized Undergraduate 4.66% 4.29%
Unsubsidized Undergraduate 4.66% 4.29%
Unsubsidized Graduate/Professional 6.21% 5.84%
PLUS Parent or Graduate/Professional 7.21% 6.84%
Perkins All students 5.00% 5.00%

Interest rates on Subsidized, Unsubsidized, and PLUS Loans are set annually in June. The rate will be the sum of the high-yield of the 10-year Treasury Note plus an "add on". The interest rate, once established, will apply for the life of the loan.  Each loan program has a cap, with the interest rate not to exceed: Undergraduate Subsidized or Unsubsidized cap 8.25%, Graduate Unsubsidized cap 9.5%, PLUS cap 10.5%.

Interest Accrual

Loan Type
During School
During Grace Period
Subsidized
Paid by the federal government
Paid by the federal government
(Except on loans first disbursed 7/1/12 - 6/30/13)
Unsubsidized
Paid by the borrower: May choose to make quarterly interest payments, or may choose to defer the interest. Unpaid interest will be capitalized and when the loan enters repayment. When unpaid interest is capitalized, it increases the total cost of the loan.
PLUS Paid by the borrower: May choose to make quarterly interest payments, or may choose to defer the interest. Unpaid interest will be capitalized and when the loan enters repayment. When unpaid interest is capitalized, it increases the total cost of the loan.
Perkins Interest does not accrue during school or grace. Interest begins to accrue at repayment.

Origination Fees

The loan fee/origination fee is subtracted proportionately from each loan disbursement.

Loan Type
Loans First Disbursed
10/1/14 - 9/30/15
Loans First Disbursed
10/1/15 - 9/30/16
Subsidized & Unsubsidized 1.072% 1.068%
PLUS 4.292% 4.272%
Perkins none none

Grace Period

Payments are not required during the grace period. There is no penalty if a borrower chooses to make payments during the grace period.

Loan Type
Months of Grace
Subsidized & Unsubsidized
6
PLUS
Repayment begins within 60 days after the loan is fully disbursed. Borrowers can defer repayment during while the student is enrolled at least half-time & for 6 months after enrollment drops below half-time.
Perkins
9

Loan Repayment

Repayment begins immediately after the end of the Grace Period. Learn more at Repay Your Loans.