Criteria

Federal Subsidized Stafford Loan

Federal Unsubsidized Stafford Loan

Federal PLUS Loan

Federal Consolidation Loan

Eligibility

Need based.
Full/half-time Graduate/ Undergraduate Student.

Not need based.
Full/half-time Graduate/ Undergraduate Student.

Not need based.
Graduate student and Parent of Full/half-time
undergraduate student.
Credit check required.

Eligible loans include one or more of the following types of federal education loans: FFELP loans (Stafford, PLUS, SLS, and Consolidation loans), FDLP loans (Stafford, PLUS, and Consolidation loans), FISL loans, Perkins Loans, Health Professions Student Loans (HPSL) – including Loans for Disadvantaged Students (LDS), Nursing Student Loans (NSL), Health Education Assistance Loans (HEAL)

Annual Loan Limit

Yr. 1 $3,500
Yr. 2 $4,500
Yrs. 3-5 $5,500
Graduate $8,500

Yr. 1 $3,500
Yr. 2 $4,500
Yrs. 3-5 $5,500
Graduate $8,500

Cost of attendance less other aid received on a per student basis.

None

Annual limits are based on a full-year program. Shorter programs have lower limits.

Independent and graduate students may be eligible for additional funds.
Yr. 1-2 $4,000
Yrs. 3-5 $5,000
Graduate $12,000

Subsidized and Unsubsidized Stafford Loans combined cannot exceed the Stafford cumulative loan limits.

Cumulative Loan Limit

Undergraduate $23,000
Graduate $65,500

Undergraduate $23,000
Graduate $65,500

None

None

Independent and graduate students total limit for Subsidized and Unsubsidized combined:
Undergraduate $46,000
Graduate $138,500

Interest Rates

For loans made on or after 7/1/2006 – 6/30/2012, 6.8% fixed. For loans made between 7/1/1998 – 6/30/2006. Variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 8.25%. Government pays the interest while student is in school and during grace period.

For loans made on or after 7/1/2006 – 6/30/2012, 6.8% fixed. For loans made between 7/1/1998 – 6/30/2006. Variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 8.25%. Interest accrues from time of disbursement. Borrowers can defer interest payments until after graduation or dropping below half-time.

For loans made on or after 7/1/2006 – 6/30/2012, 8.5% fixed. For loans made between 7/1/1998 – 6/30/2006. Variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 9%. Interest accrues from time of disbursement.

For eligible federal education loans made on or after 7/1/1998, the Federal Consolidation Loan fixed interest rate is determined by calculating the weighted average of the interest rates on non-HEAL loans being consolidated, rounded up to the nearest one-eighth of one percent, not to exceed 8.25% APR. The HEAL Consolidation Loan variable rate is determined by calculating the average of the bond equivalent rates of the 91-day Treasury bills auctioned for the quarter ending June 30 of each year, plus 3.0% and adjusted annually.

Origination Fee

1.5%

1.5%

3%.

None

Default Fee

Up to 1% ⁴

Up to 1% ⁴

Up to 1% ⁴

None

Payments

Six months after graduation, withdrawal from school, dropping below half-time or failure to make academic progress.

Six months after graduation, withdrawal from school, dropping below half-time or failure to make academic progress.

Graduate borrowers may defer payment during in-school period. Parent borrower's first payment due within 60 days after full disbursement. Borrower requested forbearance of payments available.

Immediate upon loan origination.

Repayment & Discounts

Maximum 10 yrs.
Minimum payment $50.

Maximum 10 yrs.
Minimum payment $50.

Maximum 10 yrs.
Minimum payment $50.

U.S. Bank requires a minimum $100,000 in total loan balances in order to consolidate. Minimum payment $50.

Graduated, income-sensitive, extended and level payment plans available.
Interest rate discounts and timely repayment discounts are available in many states. ⁵

Graduated, income-sensitive, extended and level payment plans available.
Interest rate discounts and timely repayment discounts are available in many states. ⁵

Graduated, income-sensitive, extended and level payment plans available.
Interest rate discounts and timely repayment discounts are available in many states. ⁵
Borrower requested forbearance of payments available.

Graduated, income-sensitive, extended, and level payment plans available.

Criteria

U.S. Bank Gap Education Loan

U.S. Bank Graduate Education Loan

U.S. Bank No Fee Education Loan

Eligibility

Not need based.
Full/half-time/
or less than half time at an eligible 4-year school or graduate program.

Not need based.
Full/half-time/
or less than half time in an eligible graduate program.

Not need based.
Full/half-time/or less than half time at an eligible 4-year school or graduate program

Creditworthy student or student and creditworthy
co-signer.

Creditworthy student or student and creditworthy
co-signer.

Creditworthy student or student and creditworthy
co-signer.

Annual Loan Limit

Cost of attendance less other aid received for loans approved at the 4% reserve fee. Loans approved at the 8% fee are limited to cost of attendance less financial aid received up to $40,000.

Cost of attendance less other aid received.

Cost of attendance less other aid received. Loans approved at the Prime + 3.95% tier are limited to cost of attendance less financial aid received up to $40,000.

Cumulative Loan Limit

$120,000

$120,000

$120,000

Interest Rates

Variable.
Based on the 91-day T-Bill. ¹

Variable.
Based on Prime Rate. ²

Variable.
Based on Prime Rate. ³

Interest accrues and may be deferred.

Interest accrues and may be deferred.

Interest accrues and may be deferred.

Origination Fee

None

None

None

Guarantee/ Reserve Fee

4% or 8% ¹

4% or 9% ²

None

Payments

For students enrolled half-time or more, six months after graduation, withdrawal from school or dropping below half-time. For students enrolled part-time, six months after the last disbursement of the loan.

For students enrolled half-time or more, six months after graduation, withdrawal from school or dropping below half-time. For students enrolled part-time, six months after the last disbursement of the loan.

Six months after graduation, withdrawal from school, or dropping below half-time. For students enrolled part-time, six months after the last disbursement of the loan.

Repayment & Discounts

Maximum 15 yrs.
Minimum payment $50. ¹

Maximum 15 yrs.
Minimum payment $50. ²

Maximum 15 yrs.
Minimum payment $50. ³

Fixed monthly, graduated and income-sensitive repayment options. 0.50% rate reduction for auto payment. ⁶

Fixed monthly, graduated and income-sensitive repayment options. 0.20% rate reduction for auto payment. ⁶

Fixed monthly, graduated and income-sensitive repayment options. 0.50% rate reduction for auto payment. ⁶