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Graduate/Professional Loan Comparison Chart

Loan TypeFederal Direct Unsubsidized LoanFederal Direct Graduate/Professional PLUS LoanPrivate Loans
Interest Rates5.28% fixed rate (effective 7/1/2021)6.28% fixed rate, payable from date of first loan disbursement (effective 7/1/2021)Varies, based on the lender and the credit scores of borrower (and co-signer)
EligibilityMust complete FAFSA and have at least half-time enrollmentMust complete FAFSA, must be a graduate or professional student, be at least half-time enrollment, and must be credit worthyVaries, based on the lender and the credit scores of borrower (and co-signer)
LenderU.S. Department of EducationU.S. Department of EducationVaries
Loan Amount (Annual maximum)$20,500 Graduate; $33,000 Pharmacy; $40,500 Medical Total cost of attendance (COA) minus all other accepted aidVaries
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 studyNoneVaries
Fees1.057% after October 1, 2020 and before October 1, 20224.228% after October 1, 2020 and before October 1, 2022Varies
Principal Repayment6 months after graduating or dropping below half-time enrollment60 days after final disbursement per loan - Current students may request an in-school defermentVaries
Other ConsiderationsNO cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repaymentsBorrower must pass credit check, if credit check fails, an endorser may be obtained, borrower is responsible for repayment, may consolidateVaries
Additional Infohttps://studentaid.ed.govhttps://studentaid.ed.govhttp://z.umn.edu/fastchoiceduluth

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