Comparing student loan options
Loans for undergraduate students
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The interest rate on subsidized Stafford loans for undergraduate students that are first disbursed July 1, 2008–June 30, 2009 is 6%. For all subsidized Stafford loans for graduate and professional students, and for all unsubsidized Stafford loans for all students, the interest rate is fixed at 6.8%. |
5% fixed |
Variable, based on credit history |
Variable, based on credit history |
| For loans first disbursed July 1, 2008–June 30, 2009: Up to 2% in fees that includes a 1% federal origination fee and a 1% federal default fee. |
None |
No disbursement fees for most borrowers
Repayment fees are 0%–3% |
No disbursement fee
Repayment fees are 0%–6.5% |
Dependent
Freshman $5,500
Sophomore $6,500
Junior or senior $7,500
Independent
Freshman $9,500
Sophomore $10,500
Junior or senior $12,500
Graduate or professional $20,000
For loans first disbursed on or after July 1, 2008. |
$5,500 |
Minimum: $1,000
Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.* |
No limit |
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Dependent
$31,000
Independent
$57,500 |
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$130,000 |
| Six months after student graduates, withdraws, or attends school less than half time. |
Nine months after student graduates, withdraws, or attends school less than half time. |
Six months after student graduates, withdraws, or attends school less than half time. |
Standard, graduated, and extended repayment options are available.
Pay only interest while you are in school (at least half time).
With the $10 deferred repayment option, defer payments for up to 12 months. |
* Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.