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Undergraduate

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Undergraduate loan comparison chart

Loan typeFederal Direct subsidized loanFederal Direct unsubsidized loanFederal Direct Parent PLUS loanPrivate loans
Interest rates0% while in school. 6.53% fixed rate for loans disbursed after 7/1/20246.53% fixed rate for loans disbursed after 7/1/20249.08% fixed rate for loans disbursed after 7/1/2023Varies, 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, at least half-time enrollmentMust complete FAFSA, must be a parent of an undergraduate dependent student, at least half-time enrollmentVaries
LenderU.S. Department of EducationU.S. Department of EducationU.S. Department of EducationVaries
Loan amount (annual Maximum)See belowSee belowTotal cost of attendance (COA) minus all other accepted aidVaries
Aggregate limitsSee belowSee belowNoneVaries
Fees1.057%1.057%4.228%Varies
Principal repayment6 months after graduating or dropping below half-time enrollment6 months after graduating or dropping below half-time enrollment60 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 considerationsNo co-signer needed, may consolidate, no credit-check requiredNo cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repaymentsParent borrower must pass credit check, an endorser may be used if parent's credit is denied, may consolidate, parent borrower is responsible for repaymentVaries

Loan amount for dependent students (annual maximum)

Federal direct subsidized loan and federal direct unsubsidized loan 

Student statusAnnual maximum for direct loansMay 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 statusAnnual maximum for direct loansMay 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 statusAggregate 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 typeFederal Direct unsubsidized loanFederal Direct graduate/professional PLUS loanPrivate loans
Interest rates8.08% fixed rate (effective 7/1/2024)9.08% fixed rate, payable from date of first loan disbursement (effective 7/1/2023)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
LenderU.S. Department of EducationU.S. Department of EducationVaries
Loan amount (annual maximum)$20,500 Graduate; $33,000 Pharmacy; $40,500 MedicalTotal 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, 20234.228% after October 1, 2020, and before October 1, 2023Varies
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