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Comparing student loan options

Loans for undergraduate students

 

Federal student loans Private student loans
Stafford
Loan
Subsidized
Stafford
Loan
Unsubsidized
Perkins
Loan
Signature
Student
Loan
Signagture Student Loan for community colleges
Interest rate

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
Fees
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%

Annual loan limits

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 $20,500

For loans first disbursed on or after July 1, 2008.

$4,000

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

Aggregate loan limits

Dependent
$31,000

Independent
$57,500

 

 

$130,000
Repayment
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.


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