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Rochester Community and Technical College - Rochester, Minnesota

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Loan Comparison Chart

 

 

Direct Loan - Subsidized

Direct Loan - Unsubsidized

SELF

Direct PLUS

Borrower

Student

Student

Student

Student's Parent(s)

Maximum Loan Amount

$3,500 - Freshman

$4,500 - Sophomore

$2,000. to $6,000.
( Varies with student status)

$7,500

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

Lender

U.S. Department of Education

U.S. Department of Education

State of Minnesota

U.S. Department of Education

Interest Rates, effective July 1, 2011*

3.4%

6.80%

Fixed Rate: 7.25%

Variable Rate:
3.80%

7.90%

Interest Type

Fixed Rate

Fixed Rate

Student chooses
Fixed or
Variable Rate
at time of application

Fixed Rate

Fees

Up to 1.0%

Up to 1.0%

None

Up to 4.0%

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. Under new regulations, the borrower may request a delay in this date. Check with your PLUS Loan Servicer for more information.
 

Direct Loan - Subsidized

Direct Loan - Unsubsidized

SELF

PLUS

* Check your disclosure statement to confirm the interest rate on your loan!

Updated: April 14, 2012

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