Student Loan Comparison Chart
| Loan Program | Eligibility | Award Amounts | Interest Rate | Lender/Length of Repayment |
| Federal Perkins Loans | Undergraduate and graduate students; do not have to be enrolled at least half time |
Undergraduate-up to $4,000 a year (maximum of $20,000 as an undergraduate) Graduate-up to $6,000 a year (maximum of $40,000, including undergraduate loans) Amount actually received depends on financial need, amount of other aid, availibility of funds at school |
5 percent |
Lender is your school Repay your school or its agent Up to 10 years to repay, depending on the amount owed |
| FFEL Stafford Loans | Undergraduate and graduate students; must be enrolled at least half time | Depends on grade level in school and dependency status (see chart) Financial need not necessary |
Changes yearly; for 2004-2005 was 3.37 percent for loans in repayment For those with financial need, government pays interest during school and certain other periods |
Lender is a bank, credit union, or other participating lender Repay the loan holder or its agent Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected |
| Direct Stafford Loans | Same as above | Same as above | Same as above | Lender is the U.S. Department of Education; repay Department Between 10 and 30 years to repay, depending on amount owed and type of repayment plan selected |
| FFEL PLUS Loans | Parents of dependent undergraduate students enrolled at least half time; parents must not have bad credit history | Cost of attendance Other aid received Maximum loan amount |
Changes yearly; for 2004-2005, was 4.17 percent for loans in repayment; government does not pay interest | Same as for FFEL Stafford Loans above |
| Direct PLUS Loans | Same as above | Same as above | Same as above | Same as for Direct Stafford loans above, except that Income Contingent Repayment Plan is not an option |
Courtesy of the US Department of Education.
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