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Stafford - Subsidized

Stafford - Unsubsidized

SELF

PLUS

Borrower

Student

Student

Student

Student's Parent(s)

Maximum Loan Amount

$3,500 - Freshman

$4,500 - Sophomore

Varies with student status

$7,500

Varies with student's cost of attendance and other Aid resources

Lender

Bank or other financial institution

Bank or other financial institution

State of Minnesota

Bank or other financial institution

Interest Rates, effective July 1, 2007*

6.80%

(6.0% after 7/1/08)

6.80%

7.40%

8.50%

Interest Type

Fixed Rate

Fixed Rate

Variable Rate

Fixed Rate

Fees

3% Origination
1% Default

Lender may pay one or both fees as a benefit to the student

3% Origination
1% Default

Lender may pay one or both fees as a benefit to the student

None

3% Origination
1% Default

Lender may reimburse one or both fees as a benefit to the borrower.

Grace Period

6 months

6 months

None.
Interest only payments required each quarter after loan is disbursed

None.
Repayment begins within 60 days of loan disbursement

Stafford - Subsidized

Stafford - Unsubsidized

SELF

PLUS