Loan Features |
Federal Stafford Loan (for loans disbursed on or after July 1, 2006 |
Federal Parent & GRAD PLUS Loans (effective July 1, 2006) |
Federal Consolidation Loan |
Origination Fee |
0% – AHELA pays 1.5% fee on behalf of student |
3% (required fee) |
None |
Federal Default Fee |
0% - AHELA pays 1% fee on behalf of student |
0% - AHELA pays 1% fee on behalf of student |
None |
Interest Rate |
6.8% Fixed; as low as 5.55% with borrower incentives |
8.5% Fixed; as low as 7.0% with borrower incentives |
Based on weighted average of loans |
Borrower Incentives |
- 0.25% interest rate discount for enrolling in automatic payments
- 1.0% immediate interest rate discount* |
- 0.50% interest rate discount for enrolling in automatic payments
- 1.0% immediate interest rate discount* |
- 0.25% interest rate discount for enrolling in automatic payments
- 1.0% interest rate discount after making 36 payments on time** |
Annual Loan Limit |
$3,500 – $20,500 based on grade level |
Cost of attendance less other financial aid |
$10,000 minimum balance |
Aggregate Loan Limit |
$138,500 |
None |
None |
Grace Period |
6 Months |
None, Parent PLUS forbearance & GRAD PLUS in-school deferment available |
None |
Standard Repayment Term |
Up to 10 years; 25-year extended term available for eligible borrower who meet the required $30,000 minimum in required in combined federal loans |
Up to 10 years; 25-year extended term available for eligible borrower who meet the required $30,000 minimum in required in combined federal loans2 |
Up to 30 years depending on loan balance |
Additional Payment Options |
Level, graduated, or income-sensitive payments |
Level, graduated, or income-sensitive payments |
Level, graduated, or income-sensitive payments |
Consolidation Terms |
- $10,000 minimum balance
- Must not be in default
- Must not have previously consolidated
- Must have an AHELA Stafford or PLUS loan |
- $10,000 minimum balance
- Must not be in default
- Must not have previously consolidated
- Must have an AHELA Stafford or PLUS loan |
- $10,000 minimum balance
- Must not be in default
- Must not have previously consolidated
- Must have an AHELA Stafford or PLUS loan |
Deferments |
- In-school half-time
- Grad fellowship
- Unemployed
- Rehabilitation program
- Economic hardship |
- In-school half-time
- Grad fellowship
- Unemployed
- Rehabilitation program
- Economic hardship |
- In-school half-time
- Grad fellowship
- Unemployed
- Rehabilitation program
- Economic hardship |
