Federal Loans

Students may apply to borrow federal loans by filling out the FAFSA. Federal loans primarily consist of the Stafford and Graduate Plus loans.

Federal Direct Unsubsidized Loan

Lender: 
US Department of Education; promissory note/application forms are provided by the Brown Loan Office
Based on Need: 
No, but may not exceed the cost of attendance for the year less other aid
Annual Borrowing Limit: 
Up to $47,160
Aggregate borrowing limit: 
$224,000 (less aggregate subsidized Direct loan amount)
Loan Fees: 
1.072% Origination Fee
Interest Rate: 
Fixed rate of 6.21%
Interest Subsidized In School: 
No
Interest Subsidized During Grace: 
No
Interest Subsidized During Deferment: 
No
Deferment Options: 
Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship (up to 3 years)
Grace Period: 
6 months
Repayment Requirements: 
Choice of standard (fixed), graduated, extended, income-contingent or income-based repayment, up to 25 yrs to repay. Direct loans are eligible for consolidation.
Prepayment Penalties: 
None

Federal Graduate PLUS Loan

Lender: 
US Department of Education; promissory note/application forms are provided by the Brown Loan Office
Based on Need: 
No, but may not exceed the cost of attendance for the year less other aid
Annual Borrowing Limit: 
No limit
Aggregate borrowing limit: 
No limit
Loan Fees: 
4.288%
Interest Rate: 
7.21%
Interest Subsidized In School: 
No
Interest Subsidized During Grace: 
No
Interest Subsidized During Deferment: 
No
Deferment Options: 
Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship (up to 3 years)
Grace Period: 
6 month automatic deferment from time of separation if issued after 6/08
Repayment Requirements: 
Choice of standard (fixed), graduated, extended, income-contingent or income-based repayment, up to 25 yrs to repay. Stafford loans are eligible for consolidation.
Prepayment Penalties: 
None

Federal Perkins Loan

Lender: 
Brown University (through funds made available from Brown and the federal government)
Based on Need: 
Yes; must be awarded to students of exceptional need
Annual Borrowing Limit: 
$6,000
Aggregate borrowing limit: 
$40,000
Loan Fees: 
None
Interest Rate: 
Fixed rate of 5%
Interest Subsidized In School: 
Yes
Interest Subsidized During Grace: 
Yes
Deferment Options: 
Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship up to 3 years
Grace Period: 
9 months
Repayment Requirements: 
Min. $40/month, maximum 10 to repay This loan is eligible for loan consolidation.
Prepayment Penalties: 
None

Primary Care Loan (PCL) (formerly Health Professions Student Loan) and Loans for Disadvantaged Students (LDS)

Lender: 
Brown University (through funds made available from Brown and the federal government)
Based on Need: 
Yes, based on parental and student/spouse resources. For PCL: Recipients must agree to 1) enter and complete a primary care residency within four years of medical school graduation, and 2) practice in primary care until the loan is paid in full. Primary care is defined as family medicine, general internal medicine, general pediatrics, preventive medicine, or osteopathic general practice.
Annual Borrowing Limit: 
Not to exceed cost of attendance
Aggregate borrowing limit: 
No aggregate limit
Loan Fees: 
None
Interest Rate: 
Fixed rate of 5%
Interest Subsidized In School: 
No
Interest Subsidized During Grace: 
No
Interest Subsidized During Deferment: 
No
Deferment Options: 
Throughout residency (4 years for PCL, unlimited for LDS) and 2 years fellowship; up to 3 years while serving in active military duty, Public Health Service Corps, Peace Corps/VISTA or as full-time volunteer for a tax-exempt organization
Grace Period: 
12 months for PCL/ 12 months for LDS
Repayment Requirements: 
Min. $40/month, 10 to 25 yrs to repay; PCL Loan may not be consolidated with other student loans; LDS Loan may be consolidated with other student loans.
Prepayment Penalties: 
None