|
|
Subsidized
Stafford Loan |
Unsubsidized
Stafford Loan |
PLUS/GradPLUS
Loans |
|
Borrower |
Dependent or independent
student |
Dependent or independent
student |
Parents
of dependent
undergraduate students
AND
graduate/professional
students borrowing for
themselves |
|
Interest Rates |
6.8%
fixed rate |
6.8%
fixed rate |
8.5%
fixed rate |
|
Eligibility |
Based on
financial need |
No
income restrictions |
No
income restrictions |
|
Annual Loan
Limits |
For
loans certified for
2007-08:
Yr. 1 - $3,500
Yr. 2 - $4,500
Yr. 3-5 - $5,500
Graduate or professional
student - $8,500 |
Dependent student
Same as
Subsidized Stafford
less any amount of
subsidized federal
loans received
Independent student
Same as
Subsidized Stafford
plus these
additional amounts
up to the cost of
education:
Year 1&2: $4,000
Year 3-5: $5,000
Graduate/professional:
$12,000
(for loans certified
for 2007-08)
|
Cost of
education less any
financial aid awarded |
|
In-School
Interest |
Paid by
federal government |
Paid by
student borrower* |
Borrower
responsibility |
|
Grace Period |
Interest
paid by federal
government during
six-month grace period |
Interest
paid by borrower during
six-month grace period |
No grace
period - parent borrower
may request a
forbearance while
student is enrolled AND
graduate/professional
student may defer
payments while enrolled |
|
Repayment Terms |
-
Repayment begins
after grace
period
-
$50 minimum
monthly payment
-
10-25 year
maximum
repayment term
(based on total
loan balance)
|
-
Repayment begins
after grace
period
-
$50 minimum
monthly payment
-
10-25 year
maximum
repayment term
(based on total
loan balance)
|
-
1st payment due
within 60 days
after loan is
fully disbursed
-
$50 minimum
monthly payment
-
10-25 year
maximum
repayment term
(based on total
loan balance)
|
* Borrower has option of making
interest payments while in
school or waiting until
repayment. Interest not paid
during school will be
capitalized one time at end of
grace period.
Remember, you may request your student/parent loan through any
lender. If your lender is not shown on the Lender Selection
Form, you may write in the name of the lender you wish to borrow
from and you must provide ETSU with the application.
Please be aware that the
benefits offered by lenders to
student loan borrowers vary and
are subject to change.
Before selecting a lender,
please contact various lenders
of interest and review their
borrower benefits to determine
which lender best meets your
educational borrowing needs.
The lenders listed in our
Preferred Lender list have
demonstrated their commitment to
offering ETSU students the best
overall terms and services over
the life of their loan.
ETSU does not receive any
monetary benefit from any
lender.
HOW DOES
ETSU SELECT ITS PREFERRED LENDERS?
Our preferred lenders are
selected on the basis of:
·
Ability to
transmit/process loan information electronically
·
Advantages
offered to students
·
General
student feedback, student preferences over time
·
Track
record of performance with ETSU
·
General
input from the business community; professional contacts in the
student financial aid community, and ongoing review of appropriate
professional business and trade journals
·
Determinations are made on an annual basis by the Director in close
consultation with the Assistant Directors
