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| SUBSIDIZED FEDERAL STAFFORD
LOAN |
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Needs based loan as determined
by the FAFSA. |
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Interest on loan is paid
by the federal government while you are
in school, during your grace period, and
during authorized periods of deferment. |
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Interest
Rate is fixed 6.8% on loans made after
July 1, 2006. |
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Requires enrollment in school
for at least half-time. |
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Repayment begins six (6)
months after you are no longer enrolled
on at least a half-time basis. |
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ANNUAL LOAN LIMITS |
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Dependent Undergraduate Students |
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First Year =
Second Year =
More than two years=
Graduate = |
$3,500
$4,500
$5,500
$8,500 |
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AGGREGATE LOAN LIMITS |
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The total debt you can have
outstanding from all your combined FFELP
loans is: |
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$23,000 as a Dependent Undergraduate
Student. |
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$46,000 as an Independent
Undergraduate Student. |
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Maximum subsidized amount
is $23,000. |
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$138,000 as a graduate or
professional student. |
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| UNSUBSIDIZED STAFFORD LOAN |
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Not a need-based loan |
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Interest accrues immediately
and is billed quarterly. The student is
responsible for paying all of the interest
on the loan by either paying the interest
when billed or letting the interest accrue
and be added to the loan when the loan
enters repayment. |
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Interest
rate is variable and is adjusted in July
of each year. |
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Requires enrollment in school
for at least half-time. |
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Repayment begins six (6)
months after you are no longer enrolled
on at least a half-time basis. |
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ANNUAL LOAN LIMITS |
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Dependent Undergraduate Students |
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First
Year =
Second Year =
More than two years=
Graduate = |
$3,500
$4,500
$5,500
$8,500 |
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For Independent Undergraduate
students or dependent students whose parents
are unable to get a PLUS loan |
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First
Year =
Second Year =
More than two years=
Graduate Students
Each Year
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$
7,500
(at least $3,500 of this amount must
be in unsubsidized loans)
$ 8,500
(at least $4,500 of this amount
must be in unsubsidized loans)
$10,500
(at
least $5,500 of this amount must be in
unsubsidized loans)
$20,500
(maximum subsidized loan is $8,500) |
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LOAN LIMITS |
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The
total debt you can have outstanding from
all your combined FFELP Loans is: |
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$23,000
as a Dependent Undergraduate Student. |
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$46,000
as an Independent Undergraduate Student. |
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Maximum
subsidized amount is $23,000. |
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$138,500
as a graduate or professional student.
No more than $65,500 may be subsidized. |
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| FEDERAL
PARENT LOAN (PLUS) AND GRAD PLUS LOANS |
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Not
a need-based loan. |
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Parents
can borrow a federal PLUS Loan to help
their dependent undergraduate students
pay for college if the Federal Stafford
Loan isn't enough. |
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Require
a satisfactory credit bureau report. |
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Fixed
Interest Rate Loan. |
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If
a parent loan is denied, the student may
be eligible for an additional Unsubsidized
Stafford Loan. |
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The
parent is responsible for the interest
that accrues once the disbursement is made. |
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Repayment
begins as soon as the loan is fully funded. |
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STUDENT
LOANS |
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HOW
TO APPLY FOR A STUDENT LOAN |
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COMPARE
STUDENT LOANS |
