Parent and Student Loan Summary

FEDERAL DIRECT PARENT LOAN

FOR UNDERGRADUATE STUDENTS (FPLUS)

FEDERAL DIRECT STAFFORD STUDENT LOAN (SUBSIDIZED & UNSUBSIDIZED)

Eligibility

Parents

Student

Maximum Annual

Limits

Full cost of education (tuition, fees, room, board, books, travel, personal expenses) minus financial aid.

First year = $3,500.

Sophomore year = $4,500.

Junior & Senior years = $5,500 each.

Income Restrictions

None

Subsidized:  requires demonstrated need.

Unsubsidized: none.

Credit Check

Yes

No

Fees

4.2% origination fee deducted from amount borrowed.

1.05% origination fee deducted from amount borrowed.

Interest

Rate

Fixed 7.9%.

Subsidized Stafford:  Fixed 6.8% for loans made on or after July 1, 2013 through June 30, 2014.

Unsubsidized Stafford:  Fixed 6.8% through June 30, 2014.

Interest rate reduction:  You might be able to receive a 0.25% rate discount as a repayment incentive for automatic payments when you use the electronic debit account (EDA) option to make payments on your loan.

First

Payment

Principal & interest repayment begins 60 days after the loan is fully disbursed.

Subsidized & Unsubsidized: When you graduate, drop below half-time, or withdraw from Barnard College, you will receive a 6 month grace period for your loans. Once your grace period ends, you must begin repaying your loan. Interest subsidy during the 6 month grace period is eliminated for loans between 7/1/12 and 7/1/14.  Students will be responsible for the interest accrued during that grace period.
Unsubsidized: interest begins to accrue after first disbursement.

Payments Per Year

12 per year

12 per year

Payment

Period

10 years

10 years

Telephone/

Web Contact

(212) 854-2154

Financial Aid

(212) 854-2154

Financial Aid