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Education Loans

Need help understanding the different loans that might be available to you? The chart below should give you a good start.

Ready to apply? Visit the Apply for a 2014-15 loan page.

Direct Student Subsidized Loan

WhatU.S. government pays interest while in school
Amount$3,500–$5,500; based on financial need and grade level
FeeU.S. government takes 1.072% before you get the loan
Loan Money ArrivesSeptember and January (half of the loan each semester)
Interest Rate3.86%
Pay Back the Loan6 months after graduating, or taking less than 6 units
Stay EligibleTake at least 6 units and get good grades (SAP)
More Informationstudentaid.gov

Direct Student Unsubsidized Loan

WhatStudent pays interest while in school
Amount$2,000–$7,500; based on Subsidized Loan amount
Additional Amount$4,000–$5,000; if PLUS Loan is denied or independent
FeeU.S. government takes 1.072% before you get the loan
Loan Money ArrivesSeptember and January (half of the loan each semester)
Interest Rate3.86%
Pay Back the Loan6 months after graduating, or taking less than 6 units
Stay EligibleTake at least 6 units and get good grades (SAP)
More Informationstudentaid.gov

Direct Parent PLUS Loan

WhatParent loan to help pay for dependent student’s college costs
AmountUp to Cost of Attendance minus other aid
FeeU.S. government takes 4.288% before you get the loan
If PLUS Loan is DeniedStudent receives additional Unsubsidized Loan: $4,000–$5,000
Loan Money ArrivesSeptember and January (half of the loan each semester)
Interest Rate6.41%
Pay Back the LoanEarly March for most students (60 days after 2nd disbursement)
Stay EligibleStudent takes at least 6 units, and gets good grades (SAP)
More Informationstudentaid.gov

Perkins Loan

WhatU.S. government pays interest while in school
Amount$5,500
Who QualifiesStudents with significant financial need; awarded until limited budget runs out
Loan Money ArrivesSeptember and January (half of the loan each semester)
Interest Rate5.0%
Pay Back the Loan9 months after graduating, or taking less than 6 units
Stay EligibleGet good grades (SAP)
More Informationstudentaid.gov

Alternative/Private Student Loan

WhatStudent loan, borrowed from a private bank
AmountUp to Cost of Attendance minus other aid
FeeCheck with lender
Loan Money ArrivesSeptember and January (half of the loan each semester)
Interest RateCheck with lender
Pay Back the LoanCheck with lender
Stay EligibleGet good grades (SAP)
More Informationelmselect.com