Untitled Document

Federal Perkins Loan
Federal Direct Unsubsidized Loan
Federal Direct GRAD PLUS Loans

Federal Perkins Loan
FAFSA Required?
Yes
Need-Based?
Yes
Range of Awards
Varies
Interest Rate
5%
Repayment Begins
9 months after graduation or below half-time enrollment.
Aggregate limits
$60,000


Federal Direct Unsubsidized Loan
FAFSA Required?
Yes
Need-Based?
No
Range of Awards
$20,500 annual limit
Interest Rate
Currently 6.21%
Repayment Begins
6 months after graduation or below half-time enrollment.
Aggregate limits
$138,500 including any undergraduate loans.
Additional Information
Beginning October 1, 2014 the loan origination fees for the Direct Unsubsidized Loan will be increased from 1.072% to 1.073%.


Federal Direct Grad PLUS Loan (PLUS)
FAFSA Required?
Yes
Need-Based?
No
Range of Awards
Students may borrow up to the total annual cost of attendance less other financial assistance.
Interest Rate
Currently 7.21%
Repayment Begins
Payment is not required while enrolled at least half time.   
Aggregate limits
None
Additional Information
Beginning October 1, 2014 the loan origination fees for the Direct PLUS Loan will be increased from 4.288% to 4.292%.

 

askUM icon