Loan Comparison

Rates are typically fixed and are set annually by the U.S. Department of Education. 

2023-2024 -  5.50% for Direct Stafford Loan and Undergraduate  Unsubsidized Loan

2023-2024 -  7.05% for Graduate Unsubsidized Loan

Rates may be lower than interest rates for private student loans.

Rates are typically fixed and are set annually by the U.S. Department of Education. (see 1 below)

2023-2024 -  8.05% for Parent PLUS Loan and Graduate PLUS Loan

Rates may be lower than interest rates for private student loans.

Rates may be variable or fixed, are based on credit history, and vary by lender/loan program.

Rates are based on an applicant’s credit and may be lower than interest rates for federal student loans

Student is the primary borrower and responsible for repayment.

Parent is responsible for
Parent PLUS repayment.

Graduate or professional
student is responsible for
Grad PLUS repayment 

Student and cosigner, if
applicable, are responsible for repayment (some lenders have education loans for parents or friends).

For 2023-2024: 1.057%
(before October 1, 2024) 

For 2023-2024: 1.057%
(before October 1, 2024) 

Varies with lender. Some
lenders have no origination fees. 

No debt-to-income analysis or credit check performed.

No debt-to-income analysis performed, but a credit report is reviewed.

Comprehensive credit approval process.

Annual and aggregate limits are set by the federal government and are based on grade level
and dependency status. 

Annual limit is equal to the cost of attendance minus financial aid received.

No aggregate limit.

Borrowing limits vary by lender, loan program, and by cost of attendance.

Generally, you are not
required to make payments while in school.

Payment begins six months after graduation, withdrawal from school, or dropping below
half-time.

Generally, repayment takes 10 to 25 years, depending on the
repayment plan chosen. 

Graduate PLUS repayment is similar to Federal Undergraduate Loan repayment.

Parent PLUS repayment
begins within 60 days of final disbursement.

Parent may request a
deferment so as not to make payments while in student is in school.

Generally, repayment takes 10 to 25 years, depending on the
repayment plan chosen.

Generally, you are not
required to make payments while in school,  but you can choose to do so.

Generally, repayment begins six months after graduation, withdrawal
from school, or dropping
below half-time.

Repayment terms vary by
lender.

Multiple deferment options available. (see 2 below)

Multiple deferment options available. (see 2 below)

Deferment options vary by
lender and loan program. (see 3 below)

Multiple forbearance options available (see 2 below), but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years

Multiple forbearance options available (see 2 below), but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years.

Forbearance options vary by lender and loan program. (see 3 below)

Loan forgiveness in the event of death or disability 

Loan forgiveness in the event of death or disability

Some lenders offer loan
forgiveness in the case of
student death or disability.