Requires demonstrated financial need as shown on the FAFSA The government pays the interest while you are in school. Based on financial need Maximum for first year college student is $5,500; of which a maximum of $3,500 can be subsidized Must be half-time or more in school The repayment period varies from 10 to 25 years Six month grace period after graduation Federal Stafford Loans, Unsubsidized: Not need-based You pay interest on the loan from the day you take it out Maximum for first year college student is $5,500; of which a maximum of $3,500 can be subsidized Must be half-time or more in school Repayment period varies from 10 to 25 years Six month grace period after graduation Federal Perkins Loans Requires exceptional financial need based on the FAFSA Interest rate is generally lower than for Stafford Not offered by all colleges Must be half-time or more Up to $5,500 per year for undergraduates, $27,500 lifetime maximum Nine month grace period after graduation |
FINANCIAL AID >