Loan Summary Chart

Loan Summary Chart

 

Loan Interest Eligibility Term How to Apply

Direct
Subsidized

 

 

 

 

 

 

 

 

 

 

2.75% fixed interest rate

 

 

 

 

 

 

 

 

 

 

Must be in a degree-seeking program at least half-time

Limits based on your grade level at AUC

 

 

 

 

 

 

 

 

Repayment deferred, no interest while enrolled at least half-time

Interest accrues during the 6-month grace period before repayment begins

Origination fee 1.059% loans originated prior to October 1, 2020

Origination fee 1.057% loans originated on or after October 1, 2020

 

 

STUDENT must complete FAFSA

Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov.

STUDENT must complete Virtual Financial Aid Office Application

 

 

 

 

 

Direct Unsubsidized

 

 

 

 

 

 

 

 

 

 

2.75% fixed interest rate for undergraduate students

4.30% fixed interest rate for Graduate students 

 

 

 

 

 

 

 

Enrolled at least half-time in a degree-seeking program

Limits based on your grade level at AUC

 

 

 

 

 

 

 

 

 

Interest accrues from time loan is disbursed. Interest payments may be made while in school

Repayment of principal deferred while enrolled at least half-time (at least six credit hours)

Origination fee 1.059% loans originated prior to October 1, 2020

Origination fee 1.057% loans originated on or after October 1, 2020

 

 

 

STUDENT must complete FAFSA

Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov.

STUDENT must complete Virtual Financial Aid Office Application

 

 

 

 

 

 

 

Direct PLUS (Graduate or Parent PLUS)

 

 

 

 

 

 

 

5.30% fixed interest rate

 

 

 

 

 

 

 

 

May borrow up to cost of attendance less other aid

The student must be enrolled at least half-time in a degree-seeking program

The parent may borrow on behalf of the student

 

 

Interest begins to accrue upon loan disbursement

Repayment of principal and interest begins after the loan is fully disbursed

Origination fee 4.236% loans originated prior to October 1, 2020

Origination fee 4.228% loans originated on or after October 1, 2020

STUDENT must complete FAFSA

Parents must sign Master Promissory Note to receive funds. Go to Studentaid.gov.

Parents must pass the Department of Education credit check.  and complete credit counseling with Studentaid.gov.

STUDENT must complete the Virtual Financial Aid Office Application

Private Sallie Mae (Sallie Mae Smart Option Loan and Sallie Mae Parent Loan)

 

 

 

Variable/fixed interest rates

 

 

 

 

 

Satisfy the credit requirements

US citizen or permanent resident

STUDENT- Have no prior student loan defaults and maintain satisfactory academic progress

Varies with loan type

0% Origination fee

 

 

 

 

 

Must be accepted full time, half time or less than half time in a degree-seeking program at AUC

STUDENT Complete Sallie Mae Smart loan application

PARENT Complete Sallie Mae Parent loan application