The
following chart may help answer questions about the differences in the types of
loans available to dental students.
| |
Federal Direct Unsubsidized |
Federal Direct PLUS (Grad PLUS) |
Campus-based |
Private |
| Lender |
Federal government |
Federal goverment |
School |
Private lender |
| Eligibility |
Based on COA |
Based on COA |
See FAO for details |
Credit based, varies by lender |
| Citizenship |
U.S. citizen or permanent resident |
U.S. citizen or permanent resident |
See FAO for details |
Usually U.S. citizen or permanent resident unless cosigner is citizen or permanent resident |
| Annual Limit |
$40,500 |
COA less other aid |
See FAO for details |
Varies by lender |
| Interest Subsidy |
None |
None |
Often interest free during school, see FAO for details |
None |
| Interest Rate |
Rate changes on new loans each July 1, then fixed for life of loan |
Rate changes on new loans each July 1, then fixed for life of loan, rate always 1% higher than Direct Unsubsidized. |
Usually fixed, see FAO for details |
Fixed or variable |
| Grace Period |
6 months |
No grace, but 6-month post enrollment deferment |
Often 6-12 months, see FAO for details |
Varies by lender |
| Repayment Plans |
Multiple plans, including time-driven and income-driven |
Multiple plans, including time-driven and income-driven
|
Often 10 years, see FAO for details
|
Varies by lender |
| Eligible for Public Service Loan Forgiveness |
Yes, assuming other requirements met |
Yes, assuming other requirements met |
No |
No |
| Postponement Options |
Multiple options |
Multiple options |
See FAO for details |
Varies by lender |