MONEYSCHOOL'S Simplified Guide
to FAFSA and Federal Student Aid

Section 10: Loan Interest Rates, Award Limits,Fees and Repayment Time

The table below lists interest rates, annual award limits, fees and repayment time for various federal student loan programs.  This information is subject to change and should be verified with the Office of Federal Student Aid.  Annual award limits are shown for dependent undergraduate students.  Limits for independent students and graduate or professional students are higher. 

The standard term for repayment of all loans is 10 years, but the repayment schedule for some loans may be extended.

Federal
 Perkins Loan

Subsidized
Stafford Loan

Unsubsidized
Stafford Loan

PLUS
Loan (Direct)

PLUS
Loan (FFEL)

5% Interest

5.6% Interest after 7/1/09 1

6.8% Interest

7.9% Interest

8.5% Interest

Maximum loan: amount $5,500 per Yr.

Maximum loan: $3,500 1st Yr.
$4,500 2nd Yr.
then $5,500

Maximum loan: $5,500 per year less grants and subsidized loans

Maximum loan: cost of attendance less other financial aid

Maximum loan: cost of attendance less other financial aid

No Loan Fee

Loan Fee: 2%

Loan Fee: 2%

Loan Fee: 4%

Loan Fee: lender option

Time to repay: 10 Years

Time to repay:
10-25 Years

Time to repay:
10-25 Years

Time to repay:
10-25 Years

Time to repay:
10-25 Years

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