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UNDERGRADUATE LOAN COMPARISONS
Loan Type Federal Perkins Loan Ford Federal Direct Subsidized Loan Ford Federal Direct Unsubsidized Loan Ford Federal Direct Parent PLUS Loan Private loans
Interest Rates 0% while in school
5% during repayment

0% while in school
3.4% during repayment

 6.8% fixed rate 7.9% fixed rate

Varies, based on the lender and the credit score of borrower (and co-signer)

Eligibility

- Must complete FAFSA
- Need-based
- At least full-time enrollment
- Funds are extremely limited

- Must complete FAFSA
- Need-based
- At least half-time enrollment

- Must complete FAFSA
- At least half-time enrollment

- Must complete FAFSA
- Must be a parent of an undergraduate dependent student
- At least half-time enrollment

Varies
Lender U. S. Department of Education; administered by the University of Minnesota U. S. Department of Education U. S. Department of Education U. S. Department of Education Varies
Loan Amount
(Annual maximum)		 $3,000
  Dependent Independent
  Annual maximum for Direct Loans May include subsidized amounts up to: Annual maximum for Direct Loans May include subsidized amounts up to:
Freshman: $5,500 $3,500 $9,500 $3,500
Sophomore: $6,500 $4,500 $10,500 $4,500
Junior: $7,500 $5,500 $12,500 $5,500
Senior: $7,500 $5,500 $12,500 $5,500
Senior+: $7,500 $5,500 $12,500 $5,500
Total cost of attendance (COA) minus all other accepted aid Varies
Aggregate Limits

$11,000 for students with less than two years of undergraduate study completed.

$27,500 for students who have completed at least two years of undergraduate study and are pursuing a bachelor’s degree.

   
Dependent: $31,000 (of which no more than $23,000 may be subsidized)
Independent: $57,500 (of which no more than $23,000 may be subsidized)
None Varies
Fees None 1.0% Origination fee 4% origination fee Varies
Principal Repayment 9 months after graduating or dropping below half-time enrollment 6 months after graduating or dropping below half-time enrollment 6 months after graduating or dropping below half-time enrollment 60 days after final disbursement per loan. May choose to defer payments until six months after the date the student ceases to be enrolled at least half time.

Varies
Other Considerations

- No credit-check required
- May consolidate
- May be forgiven if you enter certain professions

- No co-signer needed
- May consolidate
- No credit-check required

- No co-signer needed
- May consolidate
- No credit-check required
- Accrues interest while in school
- May postpone in-school interest payments

- Parent borrower must pass credit check
- An endorser may be used if parent's credit is denied
- May consolidate
- Parent borrower is responsible for repayment

Varies

Please use FastChoice to review private loan programs and select a loan that best suits your individual situation and needs.

Additional Information

Perkins Loan information by campus:

Crookston
Duluth
Morris
Rochester
Twin Cities

U. S. Dept of Education U. S. Dept of Education FastChoice: private alternative loan options
© 2012 by the Regents of the University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Updated July 2, 2012