Undergraduate loan comparison chart
| Loan type | Federal Direct subsidized loan | Federal Direct unsubsidized loan | Federal Direct Parent PLUS loan | Private loans |
|---|---|---|---|---|
| Interest rates | 0% while in school. 4.99% fixed rate for loans disbursed after 7/1/2022 | 4.99% fixed rate for loans disbursed after 7/1/2022 | 7.54% fixed rate for loans disbursed after 7/1/2022 | Varies, based on the lender and the credit scores of borrower (and co-signer) |
| Eligibility | Must complete FAFSA and have at least half-time enrollment | Must complete FAFSA, at least half-time enrollment | Must complete FAFSA, must be a parent of an undergraduate dependent student, at least half-time enrollment | Varies |
| Lender | U.S. Department of Education | U.S. Department of Education | U.S. Department of Education | Varies |
| Loan amount (annual maximum) | See below | See below | Total cost of attendance (COA) minus all other accepted aid | Varies |
| Aggregate limits | See below | See below | None | Varies |
| Fees | 1.057% | 1.057% | 4.228% | Varies |
| Principal repayment | 6 months after graduating or dropping below half-time enrollment | 6 months after graduating or dropping below half-time enrollment | 60 days after final disbursement per loan. May choose to defer payments until six months after the date the student ceases to be enrolled at least half time. | Varies |
| Other considerations | No co-signer needed, may consolidate, no credit-check required | No cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments | Parent borrower must pass credit check, an endorser may be used if parent's credit is denied, may consolidate, parent borrower is responsible for repayment | Varies |
Loan amounts and aggregate limits
Loan amount for dependent students (annual maximum)
Federal direct subsidized loan and federal direct unsubsidized loan
| Student status | Annual maximum for direct loans | May include subsidized amount up to |
|---|---|---|
| Freshman | $5,500 | $3,500 |
| Sophomore | $6,500 | $4,500 |
| Junior | $7,500 | $5,500 |
| Senior | $7,500 | $5,500 |
| Senior+ | $7,500 | $5,500 |
Loan amount for independent students (annual maximum)
Federal direct subsidized loan and federal direct unsubsidized loan
| Student status | Annual maximum for direct loans | May include subsidized amount up to |
|---|---|---|
| Freshman | $9,500 | $3,500 |
| Sophomore | $10,500 | $4,500 |
| Junior | $12,500 | $5,500 |
| Senior | $12,500 | $5,500 |
| Senior+ | $12,500 | $5,500 |
Aggregate limits
Federal direct subsidized loan and federal direct unsubsidized loan
| Student status | Aggregate limit |
|---|---|
| Dependent students | $31,000 (of which no more than $23,000 may be subsidized) |
| Independent students | $57,500 (of which no more than $23,000 may be subsidized) |