Loan Summary Chart
Loan Summary Chart
(Interest rates are for loans originated in the 2020 - 2021 academic year - disbursed on or after July 1, 2020 and before July 1, 2021)
| Loan | Interest | Eligibility | Term | How to Apply |
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Direct
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2.75% fixed interest rate
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Must be in a degree-seeking program at least half-time Limits based on your grade level at AUC
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Repayment deferred, no interest while enrolled at least half-time No interest accrues during the 6-month grace period before repayment begins Origination fee 1.059% on loans originated prior to October 1, 2020 Origination fee 1.057% on loans originated on or after October 1, 2020
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STUDENT must complete FAFSA Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov.
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Direct Unsubsidized
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2.75% fixed interest rate for undergraduate students
4.30% fixed interest rate for Graduate students
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Enrolled at least half-time in a degree-seeking program
There is a
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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
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STUDENT must complete FAFSA Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to Studentaid.gov.
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Direct PLUS (Graduate or Parent PLUS)
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5.30% fixed interest rate
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May borrow up the 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
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Interest begins to accrue upon loan disbursement Repayment of principal and interest begins after the loan is fully disbursed Origination fee 4.236% on loans originated prior to October 1, 2020 Origination fee 4.228% on 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.
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Private Sallie Mae (Sallie Mae Smart Option Loan and Sallie Mae Parent Loan)
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Variable/fixed interest rates
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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
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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
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