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Loan Comparison Chart Stafford PLUS Grad PLUS Optional

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Loan Comparison Chart Stafford PLUS Grad PLUS Optional Loan Comparison Chart Stafford PLUS Grad PLUS Optional Types of Non-credit based loan for Credit based loan for parent of Credit based loan for graduate Credit based loan for undergraduate and graduate dependent student students undergraduate and graduate Loans students students Subsidized Loans are need based and available only to undergraduate students. Unsubsidized Loans are non- need based For information about the grace period, please visit Federal Direct Stafford Loan. Variable interest will be based Undergraduate: Rate prior to 7/1/18: 7.0% fixed Rate prior to 7/1/18: 7.0% fixed Interest on the credit worthiness of the borrower and/or co-borrower. Rate Subsidized & Unsubsidized Rate on or after 7/1/18: 7.6% Rate on or after 7/1/18: 7.6% rate prior to 7/1/18: 4.45% fixed fixed fixed Subsidized & Unsubsidized rate Lender may have borrower Lender may have borrower on or after 7/1/18: 5.05% fixed benefits that include interest benefits that include interest rate reductions during rate reductions during Graduate Current Rate: repayment repayment Subsidized loans are available only to undergraduate students. Unsubsidized rate prior to 7/1/18: 6% fixed Unsubsidized rate on or after 7/1/18: 6.6% fixed Optional loan lenders have no Loan Fees Effective 10/1/17, Effective 10/1/17, Effective 10/1/17, limits on processing fees and 1.066% charged by Dept of Ed 4.264% charged by Dept of Ed 4.264% charged by Dept of Ed may vary per lender. Effective 10/1/18, Effective 10/01/18, Effective 10/1/18, 1.062% charged by Dept of Ed 4.268% charged by Dept of Ed 4.268% charged by Dept of Ed Subsidized – government pays Parent is responsible for interest Student is responsible for Accrued interest may be interest on behalf of student that accrues from time of interest that accrues from time capitalized as often as monthly. Interest during in-school deferment disbursement until loan is paid of disbursement until loan is (while enrolled for at least half- in full paid in full Accrual time) and during a 6 month grace period (after no longer Unpaid accrued interest is being enrolled for at least half- capitalized at repayment. time) Unsubsidized – student is responsible for interest that accrues from time of disbursement until loan is paid in full 6 month grace period after Optional 6 month grace period 6 month grace period after Deferment options vary widely student is no longer enrolled for after student is no longer student is no longer enrolled for per lender Repayment at least half-time. enrolled for at least half-time; at least half-time Important: In order to postpone Deferred payments while in- payments, parent must apply for Deferred payments while in- school for at least half-time. a PLUS loan grace period prior school for at least half-time and to entering repayment during grace period Forbearance request is up to the U.S. Department of Education’s discretion. FAFSA Dependent for whom the FAFSA Student and/or co-signer must parent is borrowing must be credit worthy as determined meet the following: by the lender Eligibility criteria Eligibility U.S. Citizen or eligible non- U.S. citizenship status or vary per lender: degree- citizen as defined by the FAFSA eligible non-citizen status as seeking, SAP, and enrollment FAFSA defined by the FAFSA Have a high school diploma or Eligibility criteria may vary per equivalent. U.S. citizenship status or Meet UCF Admission lender (citizenship, degree- eligible non-citizen status as requirements seeking, SAP, and defined by the FAFSA enrollment). Students should Degree-seeking status at UCF research to understand the in an eligible program Degree-seeking status at UCF Have a high school diploma or in an eligible graduate program terms and conditions of the equivalent. loans from the lender(s). Meet UCF Admission requirements At least half-time enrollment in Degree-seeking status at UCF UCF classes The Optional loan combined in an eligible program with other aid cannot exceed At least half-time enrollment in the total estimated cost of UCF classes Satisfactory Academic Progress attendance. Meet UCF Admission requirements Acceptance of Direct Stafford Complete all To Do List items Loan application process with Loan(s) on myUCF lender must be completed At least half-time enrollment in before school can certify and UCF classes Complete Verification if selected award the loan. Satisfactory Academic Progress Satisfactory Academic Progress No default/overpayment in NOTE! International students Complete all To Do List items financial aid must have a valid Social Security Number or an No default/overpayment in Individual Tax Identification Complete Verification if selected financial aid Not exceed loan aggregate Number (ITIN). limits No default/overpayment in Parent must have credit- financial aid worthiness and not have a Student must have credit- default/overpayment record in worthiness financial aid Not exceed loan aggregate limits If in receipt of a Federal Grad If in receipt of a Federal PLUS PLUS Loan during this academic Loan during this academic year at year at another institution, make If in receipt of a Federal Stafford another institution, make sure that sure that the remainder of that Loan during this academic year the remainder of that loan is loan is canceled before applying at another institution, make sure canceled before applying for a for a loan at UCF. that the remainder of that loan loan at UCF. is canceled before applying for a loan at UCF. You MUST borrow the maximum Federal Direct Unsubsidized Stafford Loans before applying for a Federal Direct Grad PLUS Loan! Loans and any other financial Up to Cost of Attendance minus Up to Cost of Attendance minus Up to Cost of Attendance Loan aid may not exceed Cost of any other financial aid eligibility, any other financial aid eligibility, minus any financial aid Limits Attendance, Aggregate Limits, including federal Stafford loans including federal Stafford loans eligibility, including federal nor Annual Limits for details, loans visit Borrowing Limits and Stafford Loans U.S. Department of Education U.S. Department of Education will run credit check to will run credit check to Lender will run credit check to determine credit-worthiness for determine credit-worthiness for determine credit-worthiness for requested amount requested amount requested amount How to How to apply How to apply How to apply How to apply Apply Federal Direct Federal Direct Federal Direct Optional Loans Stafford Loans PLUS Loans GradPLUS Loans .
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