Loan Summary Chart

(interest rates are for loans originated in the 2019-2020 academic year -disbursed on or after July 1, 2019, and before July 1, 2020)

Loan	Interest	Eligibility	Term	How to Apply
Direct Subsidized	4.53% 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 1.062% loans originated prior to October 1, 2019 Origination fee 1.059% loans originated on or after October 1, 2019	STUDENT must complete FAFSA Sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to StudentLoans.gov. STUDENT must complete Virtual Financial Aid Office Application
Direct Unsubsidized	4.53% fixed interest rate for undergraduate students 6.08% 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 1.062% loans originated prior to October 1, 2019 Origination fee 1.059% loans originated on or after October 1, 2019	STUDENT must complete FAFSA Sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to StudentLoans.gov. STUDENT must complete Virtual Financial Aid Office Application
Direct PLUS (Graduate or Parent PLUS)	7.08% fixed interest rate	May borrow up to cost of attendance less other aid Student must be enrolled at least half-time in a degree-seeking program Parent may borrow on behalf of student	Interest begins to accrue upon loan disbursement Repayment of principal and interest begins after the loan is fully disbursed Origination fee 4.248% loans originated prior to October 1, 2019 Origination fee 4.236% loans originated on or after October 1, 2019	STUDENT must complete FAFSA PARENT must sign Master Promissory Note to receive funds at StudentLoans.gov. PARENT must pass Department of Education credit check and complete credit counseling with StudentLoans.gov STUDENT must complete 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