Stafford Subsidized:
Stafford subsidized loans are available only to undergraduate students, and are based on financial need (as determined by the FAFSA). Students must be enrolled at least half-time in order to qualify for this loan. The interest rate is 4.66% and is subsidized while the borrower is in school.
Stafford Unsubsidized:
Stafford Unsubsidized loans are available to both graduate and undergraduate students who are enrolled at least half-time. These loans are not need-based and no payments are required while the student is in school. There is a 4.66% interest rate for undergraduate students and a 6.21% interest rate for graduate students.
Perkins:
A Perkins loan is a need-based federal loan available to graduate and undergraduate students. Students applying for this loan must be enrolled at least half-time. There is no loan fee for a Perkins loan, and there is a 5% fixed interest rate. Undergraduate students can receive up to $5,500 a year, totaling no more than $27,500, while graduate students can receive up to $8,000 a year, totaling a maximum of $60,000.
EXTRA CREDIT:
If I attend Grand Valley State University next year, I will pay $14,960 per year.
$14,960 per year @ 6.31%
Stafford subsidized loans are available only to undergraduate students, and are based on financial need (as determined by the FAFSA). Students must be enrolled at least half-time in order to qualify for this loan. The interest rate is 4.66% and is subsidized while the borrower is in school.
Stafford Unsubsidized:
Stafford Unsubsidized loans are available to both graduate and undergraduate students who are enrolled at least half-time. These loans are not need-based and no payments are required while the student is in school. There is a 4.66% interest rate for undergraduate students and a 6.21% interest rate for graduate students.
Perkins:
A Perkins loan is a need-based federal loan available to graduate and undergraduate students. Students applying for this loan must be enrolled at least half-time. There is no loan fee for a Perkins loan, and there is a 5% fixed interest rate. Undergraduate students can receive up to $5,500 a year, totaling no more than $27,500, while graduate students can receive up to $8,000 a year, totaling a maximum of $60,000.
EXTRA CREDIT:
If I attend Grand Valley State University next year, I will pay $14,960 per year.
$14,960 per year @ 6.31%