Loan Comparison Charts
|
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 |
Interest Rate Chart
| Academic Year |
Direct sub and unsub for undergraduates |
Direct unsub |
Direct PLUS (Grad PLUS) |
| 2024-2025 |
6.53% |
8.08% |
9.08% |
| 2023-2024 |
5.50% |
7.05% |
8.05% |
| 2022-2023 |
4.99% |
6.54% |
7.54% |
| 2021-2022 |
3.73% |
5.28% |
6.28% |
| 2020-2021 |
2.75% |
4.30% |
5.30% |
| 2019-2020 |
4.53% |
6.08% |
7.08% |
| 2018-2019 |
5.05% |
6.59% |
7.59% |
Download the
Interest Rate Chart
* Interest rates change on new loans disbursed on or after July 1 each year, then fixed for the life of the loan.
* Direct PLUS always 1% higher than direct unsubsidized.
* Rates on direct loans were 0% during the period covered by the CARES Act (March 2020 to September 2023).
* Undergraduate rates shown for the benefit of borrowers with predental loans.
* AAMC/ADEA Dental Loan Organizer and Calculator uploads correct rates when using the upload feature.
* Maximum interest rates 9.50% and 10.5% for direct unsub and direct PLUS respectively.