| Federal Perkins Student Loan | Federal Direct Subsidized Stafford/Ford Loan | Federal Direct Unsubsidized Stafford/Ford Loan | Federal Direct PLUS | Nursing Student Loan (NSL) | |
|---|---|---|---|---|---|
| Lender | UW | Federal government | federal government | federal government | UW |
| Interest Rate | 5% | 6.0% * | 6.8% * | 7.9% | 5% |
| Interest-free in school? | Yes | yes | no | no | yes |
| Loan fees | None | 2.0% ** | 2.0% ** | 4% ** | none |
| Annual maximums | $4,000/year as undergraduate | $3,500/freshmen $4,500/sophomores $5,500/juniors & seniors |
$6,000/freshmen & sophomores
*** $7,000/juniors & seniors *** |
Cost of attendance minus aid | $2,500/first year in program $4,000/last two years in program |
| Cumulative maximums | $20,000 undergrad | $23,000 undergrad | $31,000/dependent undergrad
**** $57,500/independent undergrad **** |
NA | $13,000 |
| Grace period | 6-9 months | 6 months | 6 months | NA | 6 months |
| Repayment period | to 10 years | to 10 years | to 10 years | to 10 years | to 10 years |
| Minimum payments | $40/month | $50/month | $50/month | $50/month | $40/month |
| Other information | Additional repayment options beyond the 10 years may be available. | Additional repayment options beyond the 10 years may be available. | For parents of undergraduate students. Not based on financial need. Repayment begins 60 days after last disbursement. Additional repayment options beyond the 10 years may be available. | For undergraduate nursing students. |
*Rates effective as of 7/1/08
** A 1.5% up front interest rebate will be credited to you if your first 12 monthly payments are made on time, bringing your net effective fees to .5% for Stafford borrowers and 2.5% for PLUS
*** May be increased by amount of unused portion of Subsidized Stafford/Ford Loan eligibility. Dependent students may receive up to the Subsidized Stafford/Ford annual maximums in any combination of subsidized and unsubsidized loans and an additional $2000 in Unsubsidized Stafford Loan, with a possible increase if their parents have been denied the Parent Loan (PLUS).
**** Aggregate loan amount includes Subsidized Stafford/Ford Loans.