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Undergraduate

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Undergraduate loan comparison chart

Loan type Federal Direct subsidized loan Federal Direct unsubsidized loan Federal Direct Parent PLUS loan Private loans
Interest rates 0% while in school. 4.99% fixed rate for loans disbursed after 7/1/2022 4.99% fixed rate for loans disbursed after 7/1/2022 7.54% fixed rate for loans disbursed after 7/1/2022 Varies, based on the lender and the credit scores of borrower (and co-signer)
Eligibility Must complete FAFSA, at least half-time enrollment Must complete FAFSA, at have at least half-time enrollment Must complete FAFSA, must be a parent of an undergraduate dependent student, at least half-time enrollment Varies
Lender U.S. Department of Education U.S. Department of Education U.S. Department of Education Varies
Loan amount (annual Maximum) See below See below Total cost of attendance (COA) minus all other accepted aid Varies
Aggregate limits See below See below None Varies
Fees 1.057% 1.057% 4.228% Varies
Principal repayment 6 months after graduating or dropping below half-time enrollment 6 months after graduating or dropping below half-time enrollment 60 days after final disbursement per loan. May choose to defer payments until six months after the date the student ceases to be enrolled at least half time. Varies
Other considerations No cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments No cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments Parent borrower must pass credit check, an endorser may be used if parent's credit is denied, may consolidate, parent borrower is responsible for repayment Varies

Loan amount for dependent students (annual maximum)

Federal direct subsidized loan and federal direct unsubsidized loan 

Student status Annual maximum for direct loans May include subsidized amount up to
Freshman $5,500 $3,500
Sophomore $6,500 $4,500
Junior $7,500 $5,500
Senior $7,500 $5,500
Senior+ $7,500 $5,500

Loan amount for independent students (annual maximum)

Federal direct subsidized loan and federal direct unsubsidized loan

Student status Annual maximum for direct loans May include subsidized amount up to
Freshman $9,500 $3,500
Sophomore $10,500 $4,500
Junior $12,500 $5,500
Senior $12,500 $5,500
Senior+ $12,500 $5,500

Aggregate limits

Federal direct subsidized loan and federal direct unsubsidized loan

Student status Aggregate limit
Dependent students $31,000 (of which no more than $23,000 may be subsidized)
Independent students $57,500 (of which no more than $23,000 may be subsidized

Graduate

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Graduate loan comparison chart

Loan type Federal Direct unsubsidized loan Federal Direct graduate/professional PLUS loan Private loans
Interest rates 6.54% fixed rate (effective 7/1/2022) 7.54% fixed rate, payable from date of first loan disbursement (effective 7/1/2022) Varies, based on the lender and the credit scores of borrower (and co-signer)
Eligibility Must complete FAFSA and have at least half-time enrollment Must complete FAFSA, must be a graduate or professional student, be at least half-time enrollment, and must be credit worthy Varies, based on the lender and the credit scores of borrower (and co-signer)
Lender U.S. Department of Education U.S. Department of Education Varies
Loan amount (annual maximum) $20,500 Graduate; $33,000 Pharmacy; $40,500 Medical Total cost of attendance (COA) minus all other accepted aid Varies
Aggregate limits $138,500 Graduate; $224,000 Pharmacy & Medical - No more than $65,000 of this amount may be in subsidized loans. The graduate debt limit includes loans received for undergraduate study None Varies
Fees 1.057% after October 1, 2020 and before October 1, 2023 4.228% after October 1, 2020 and before October 1, 2023 Varies
Principal repayment 6 months after graduating or dropping below half-time enrollment 60 days after final disbursement per loan - Current students may request an in-school deferment Varies
Other considerations NO cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments Borrower must pass credit check, if credit check fails, an endorser may be obtained, borrower is responsible for repayment, may consolidate Varies
Additional info https://studentaid.ed.gov https.studentaid.ed.gov http://z.umn.edu/fastchoiceduluth