Perkins Loan
- Available to: U.S. citizen or permanent resident alien enrolled at an eligible postsecondary institution
- Amount: Undergraduates can borrow up to $4,000 a year; $20,000 total with a 5% fixed interest rate
- Requirement: Available federal funds and financial need
- Application: Submit a FAFSA and contact college financial aid office.
Stafford Loan
interest paid by government while borrower is in school
- Available to: U.S. citizen or permanent resident alien enrolled at an eligible postsecondary institution
- Amount: Up to $5,500 a year for 1st-year students, $6,500 a year for 2nd-year students, $7,500 a year for 3rd-year students and beyond. Total amount for undergraduate study: $23,000. Fixed interest rate of 3.4% for new loans since 7/1/11.
- Requirement: Financial need
- Application: Submit a FAFSA and contact college financial aid office.
Unsubsidized Loan
interest paid or accrued by borrower while borrower is in school
- Available to: U.S. citizen or permanent resident alien enrolled at an eligible postsecondary institution
- Amount: For dependent undergraduates, the annual and aggregate limits are the same as the Stafford Loan (see above); for independent undergraduates, up to $9,500 a year for 1st-year students (no more than $3,500 of this amount may be in subsidized loans), $10,500 a year for 2nd-year students (no more than $4,500 of this in subsidized loans), $12,500 a year for 3rd-year students and beyond (no more than $5,500 of this in subsidized loans). Fixed interest rate of 6.8%.
- Requirement: Cost of attendance
- Application: Submit a FAFSA and contact college financial aid office.
Loans to Student’s Family
Plus Loan to Parents
- Available to: Parents who wish to borrow to help pay for their child’s education.
- Amount: May annually borrow up to full cost of education less other aid. Graduate students also may borrow through the PLUS loan program. Fixed interest rate of 7.9%.
- Requirement: Credit history
- Application: Contact college financial aid office.
Please tell me when we actually find out when or if we qualify for the supplemental grant.? U an still waiting to find out for next semester which is in a few weeks, If anyone knows please please email me asap thanks so much