These loans are part of student financial aid packages and are determined by information submitted on the FAFSA. They:
|Federal Direct Stafford Loans||$5,500* - first year (up to $3,500 subsidized)
$6,500* - second year (up to $4,500 subsidized)
$7,500* - other years (up to $5,500 subsidized)
|4.66% fixed rate (2014-2015)|
|Federal Perkins Loan||Up to $2,000 for the first and second year (subsidized)||5% fixed rate (subsidized)|
*Independent students are eligible for an additional $4000 of unsubsidized loan per year
Repayment of federal student loans is not required* until you graduate or are enrolled in college less than half time. Once you complete school, you are given a grace period before repayment begins. You have 10 years to repay your federal student loan under standard repayment.
|Federal Loan||Repayment Begins|
|Federal Perkins Loan||9 months after leaving school or enrolled less than half time|
|Federal Direct Stafford Loan||6 months after leaving school or enrolled less than half time|
*You may start repaying your loans or loan interest while you are still in school.