| What are
the Costs of Getting a Loan? |
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Beginning with the
2008-2009 award year, depending on your lender, there may be a
1% origination fee charged on your Stafford Loans.
Consult Fast
Choice for the borrower benefits provided by your lender.
- Guarantee fee: 0% (for loans
guaranteed by Great Lakes)
- Default fee: 1% (for loans
guaranteed on or after July 1, 2008)
Interest on the Stafford loans is
fixed. The federal government pays
the interest for the subsidized Stafford loan while you are in
school at least half time. Interest charges for the unsubsidized
Stafford loan begin accruing once the funds are disbursed.
Stafford Loan Interest Rates
as of July 1, 2008:
•
6.0% Federal
Stafford Loan (subsidized)
•
6.8% Federal
Stafford Loan (unsubsidized)
•
8.5% Federal PLUS for
parents |
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