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Federal Stafford Loans
Stafford Subsidized Loans - Government pays interest while you are in school.
Stafford Unsubsidized Loans - The student is responsible for interest during school.
Current interest rate of 7.22% in repayment and 6.62% during in-school, grace, and deferment periods. These interest rates are subject to change annually, but can never exceed 8.25%. Your loan balance will be the sum of all loans including any unpaid interest during the in-school, grace, and deferment periods. You are allowed up to ten years to pay off your loans. A minimum monthly payment of $50 is required. Borrowers paying the minimum monthly payment may amortize their loans in less than 10 years.
Parent Plus Loans - Current interest rate of 8.5% and cannot exceed 9%
Federal Perkins Loans - Interest rate is locked in at 5%.