William D. Ford Federal Direct Stafford Loan: Federal program with an annual maximum of $47,167 per year, based on length of academic year. A number of repayment options are available. Federal Direct Stafford Loans carry a fixed interest rate of 6.8 percent. Interest accrues continuously from the date of disbursement and is payable quarterly. A 1 percent origination fee deducted before award is disbursed (fee subject to change). For more information on Federal Direct Stafford Loans including repayment options, click here.
William D. Ford Federal Direct Graduate Student PLUS Loan: Legislation effective July 1, 2006 allows graduate students to borrow through the Federal Direct PLUS program. Students may borrow up to the cost of attendance less any other financial aid received. Graduate PLUS borrowers must pass a basic credit check each time a PLUS loan application is made. Repayment begins 60 days after the date the loan is fully disbursed; however, the borrower may receive a deferment of payment while s/he is enrolled at an eligible school on at least a half-time basis. The interest rate for the William D. Ford Federal Direct Graduate PLUS Loan is fixed at 7.9 percent. Interest accrues continuously from the date the loan is disbursed. A 4 percent origination fee deducted before award is disbursed (fee subject to change). For more information on Graduate Student PLUS Loans including repayment options, click here.
Public Service Loan Forgiveness Program
In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. For more information on this program, click here.