Educational Loan Programs
Comparison of Title IV Federal Loans
UA College of Medicine
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FEDERAL SUBSIDIZED STAFFORD |
FEDERAL UNSUBSIDIZED STAFFORD |
FEDERAL GRADUATE PLUS LOAN |
| Sample
Loan Amount |
$8,500 |
*
$27,500 |
$3,000 |
**Maximum Fees:
Origination Fees
Federal Default Fee |
1.5%
1% |
1.5%
1% |
3%
1% |
| Approximate net loan if
awarded |
$8,287.50 |
$26,812.50 |
$2,880 |
| Interest accrual to student while in school |
0% |
Fixed 6.8% |
Fixed 8.5% |
| Grace period |
6 months after drop to less than half-time, withdraw, or graduate |
6 months after drop to less than half-time, withdraw, or graduate |
None. Repayment begins 60 days after final disbursement. In-school
deferment available. |
| Interest during
repayment period |
Fixed 6.8%
|
Fixed 6.8% |
Fixed 8.5% |
| Repayment
period |
10
years, or 25 years for borrowers eligible for Extended Repayment (subject
to minimum monthly payment) |
10
years, or 25 years for borrowers eligible for Extended Repayment (subject
to minimum monthly payment) |
10 years, or 25 years for borrowers eligible
for Extended Repayment (subject to minimum monthly payment) |
| Aggregate
maximum (undergrad and grad, subsidized and unsubsidized) |
$65,500 (subsidized) |
$189,125 (subsidized and unsubsidized, College of Medicine students,
including undergraduate loans) |
None. Annual limit is cost of attendance minus other financial aid.
|
*Nine month maximum for medical
students is $40,500 less
the amount of subsidized Federal Stafford Loan for which the student
qualifies. Total aid may not exceed the
cost of attendance as determined by the school. The cost
of attendance at the UA College of Medicine for 2008-2009, including
living expenses, is about $36,311 for first-year students not living with parents.
**Some lenders pay a portion of
these fees on your behalf.
TERMS MAY VARY
depending upon the academic year the Federal Stafford Loan is borrowed.
Beginning for loans disbursed on or after July 1, 2006, Federal Stafford
Loans have a fixed interest rate of
6.8%. This is a change from previous
law which utilized a variable interest rate with a cap of 8.25% over the
life of the loan.
Under certain conditions, deferment of
repayment is available for limited times. Graduated or income sensitive
repayment schedules are also available. Ask your lender for more
details.
Information is based on federal laws in
effect at this writing and is subject to change.
GLOSSARY
OF TERMS: DEBT MANAGEMENT
For a
glossary of frequently used terms
and information on Debt Management, you may want to review the wealth of
information provided by the Association of American Medical Colleges
website for students and residents: http://www.aamc.org/students/.
SAMPLE REPAYMENTS:
Repayment amount will depend upon amount borrowed, the interest rate and
the date interest begins to accrue, amount of interest capitalized and
how frequently it is capitalized. A helpful calculator along with other
information is available at http://www.finaid.org/calculators/.
HOW MUCH WILL YOU NEED TO BORROW?
The cost of attendance used by the school may vary from your own budget, particularly in
the area of living costs, so do your own assessment of your needs and resources. The
maximum financial aid you may receive is determined by the school's
cost of attendance. If
you will be dependent upon loans, apply for scholarships and be conservative in your
spending to keep your loan indebtedness to a minimum. With loans you are spending your
future income; while it is an investment in your future, you may also pay back $1.50 to
$3.00 or more for that item which originally cost you $1.00.
How
Much Should You Borrow?
or
"Controlling that Dreaded Debt!"
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