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
($10,000 beginning 08/01/2020)
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, 2020*
2.75% 4.30% Fixed Rate: 4.85%

Variable Rate:
2.60%

5.30%
Interest Type Fixed Rate Fixed Rate Student chooses
Fixed or
Variable Rate
at time of application
Fixed Rate
Fees effective October 1, 2019* 1.059% 1.059% None 4.236%
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 and fees for your loan!