Education Loan Comparison Chart

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	Student Banking > Types of Student Loans > Loan Program Guide

Loan Program Guide

As of Wednesday, December 3, 2008.






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Federal Loans

Criteria	Federal Subsidized Stafford Loan	Federal Unsubsidized Stafford Loan	Federal PLUS & Federal Grad PLUS Loans	Federal Consolidation Loan
Eligibility	Full-time and half-time undergraduate and graduate students. Must show financial need.	Full-time and half-time undergraduate and graduate students. Not based on financial need.	Graduate students and parents of full-time or half-time dependent undergraduate students. Not based on financial need. Credit checks are required.	Eligible loans include one or more of the following types of federal education loans: FFELP loans (Stafford, PLUS, SLS, and Consolidation loans), FDLP loans (Stafford, PLUS, and Consolidation loans), FISL loans, Perkins Loans, Health Professions Student Loans (HPSL) – including Loans for Disadvantaged Students (LDS), Nursing Student Loans (NSL), Health Education Assistance Loans (HEAL)
Annual Loan Limits¹ (Total Subsidized & Unsubsidized)	Dependent Undergraduate Students (except students whose parents cannot borrow PLUS loans)	Dependent Undergraduate Students (except students whose parents cannot borrow PLUS loans)	Cost of attendance less other aid on a per student basis	None
1st Year Total - $5,500	$3,500 (maximum)	$2,000 (additional)
2nd Year Total - $6,500	$4,500 (maximum)	$2,000 (additional)
3rd Year+ Total - $7,500	$5,500 (maximum)	$2,000 (additional)
	Independent Undergraduate Students (and dependent students whose parents cannot borrow PLUS loans)	Independent Undergraduate Students (and dependent students whose parents cannot borrow PLUS loans)
1st Year Total - $9,500	$3,500 (maximum)	$6,000 (additional)
2nd Year Total - $10,500	$4,500 (maximum)	$6,000 (additional)
3rd Year+ Total - $12,500	$5,500 (maximum)	$7,000 (additional)
	Graduate & Professional Students	Graduate & Professional Students
Total Amount (each year) - $20,500	$8,500 (maximum)	$12,000 (additional)
Cumulative Loan Limits	Dependent Undergraduate Students	Dependent Undergraduate Students
Total Amount Cumulative - $31,000	$23,000 (maximum)	$8,000 (additional)	None
	Independent Undergraduate Students	Independent Undergraduate Students
Total Amount Cumulative - $57,500	$23,000 (maximum)	$34,500 (additional)
	Graduate & Professional Students	Graduate & Professional Students
Total Amount Cumulative - $138,500	$65,500 (maximum)	$73,000 (additional)
Interest Rate	For loans made on or after 7/1/2008 - 6/30/2009, 6.0% fixed. For loans made between 7/1/2006 - 6/30/2008, 6.8% fixed. For loans made between 7/1/1998 - 6/30/2006, variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 8.25%. Government pays the interest while student is in school and during grace period.	For loans made on or after 7/1/2006 - 6/30/2012, 6.8% fixed. For loans made between 7/1/1998 - 6/30/2006, variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 8.25%. Interest accrues from time of disbursement. Borrowers can defer interest payments until after graduation or dropping below half-time.	For loans made on or after 7/1/2006 - 6/30/2012, 8.5% fixed. For loans made between 7/1/1998 - 6/30/2006, variable. Based on the 91-day Treasury bill, changing annually July 1st of each year. Maximum 9%. Interest accrues from time of disbursement but can defer if borrower qualifies.	For eligible federal education loans made on or after 7/1/1998, the Federal Consolidation Loan fixed interest rate is determined by calculating the weighted average of the interest rates on non-HEAL loans being consolidated, rounded up to the nearest one-eighth of one percent, not to exceed 8.25% APR. The HEAL Consolidation Loan variable rate is determined by calculating the average of the bond equivalent rates of the 91-day Treasury bills auctioned for the quarter ending June 30 of each year, plus 3.0% and adjusted annually.
Origination Fee²	Up to 1%	Up to 1%	3%	None
Default Fee	Up to 1%	Up to 1%	Up to 1%	None
Payments Begin	6 months after graduation, withdrawal from school, dropping below half-time, or failure to make academic progress.	6 months after graduation, withdrawal from school, dropping below half-time, or failure to make academic progress.	Graduate borrowers may have payments deferred while enrolled in school at least half-time. Parent borrowers begin repayment within 60 days of the final disbursement of the loan. For loans first disbursed on or after July 1, 2008, parent borrowers may elect to postpone repayment until 6 months after the student for whom the loan was borrowed ceases to be enrolled at least half-time.	Immediate upon loan origination.
Repayment Terms	Standard 10 years to repay. Minimum monthly payment is $50. Graduated, income-sensitive, extended, and level payment plans available.	Standard 10 years to repay. Minimum monthly payment is $50. Graduated, income-sensitive, extended, and level payment plans available.	Standard 10 years to repay. Minimum monthly payment is $50. Graduated, income-sensitive, extended, and level payment plans available.	U.S. Bank requires a minimum $100,000 in total loan balances in order to consolidate. Minimum payment $50.
U.S. Bank Repayment Discount³	.25% interest rate reduction for automatic payment.	.25% interest rate reduction for automatic payment.	.25% interest rate reduction for automatic payment.

U.S. Bank Supplemental Education Loans

Criteria	U.S. Bank No Fee Education Loan	U.S. Bank Bar Review Education Loan
Eligibility	Not need based. Full/half-time/or less than half time at an eligible 4-year school or graduate program	Must be a graduate of an ABA approved law school. You can apply from nine months before you graduate from law school to three months after you graduate. May be enrolled less than half-time.
Eligibility	Creditworthy student or student and creditworthy co-signer.	Creditworthy student or student and creditworthy co-signer.
Annual Loan Limit	Cost of attendance less other aid received. Loans approved at the highest interest rate tier are limited to cost of attendance less financial aid received up to $20,000.	Up to $12,000
Cumulative Loan Limit	$120,000	$120,000
Interest Rates	Variable. Based on Prime Rate.⁴	Variable. Based on Prime Rate.⁵
Interest Rates	Interest accrues and may be deferred.
Origination Fee	None	None
Guarantee/ Reserve Fee	None	4% or 9% ⁵
Payments	Six months after graduation, withdrawal from school, or dropping below half-time. For students enrolled part-time, six months after the last disbursement of the loan.	Six months after graduation, withdrawal from school, or dropping below half-time. For students enrolled part-time, six months after the last disbursement of the loan.
Repayment & Discounts	Maximum 15 years.⁴ Minimum payment $50.	Maximum 15 years.⁵ Minimum payment $50.
Repayment & Discounts	Fixed monthly, graduated and income-sensitive repayment options. .50% rate reduction for auto payment. ³	Fixed monthly, graduated and income-sensitive repayment options. .20% rate reduction for auto payment. ³

Note: Program rules and qualifications are subject to change at any time without notice. Subsequent changes, however, will not affect loans already qualified for savings program(s). To qualify for these benefits, loans must be originated by U.S. Bank or a participating servicing partner and owned throughout repayment by U.S. Bank or a participating lender.

Effective for Stafford Loans originated on or after July 1, 2008. The actual loan amount is determined by the program guidelines as administered by your school's financial aid office.

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Effective for Stafford Loans with first disbursements made on or after July 1, 2008 through June 30, 2009.

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The automatic payment is a requirement to be qualified for the interest rate reduction benefit. If the auto payment feature is canceled, the rate reduction benefit is lost.

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Loan payment example assume a $10,000 loan at a constant interest rate of 5.95%, assuming 45-month in-school period, a six month grace period (i.e., a 51-month "interim period"), no reserve fee, and 15 years in repayment, would require a monthly payment of $105.36. The interim APR would be 5.44%; the repayment period APR would be 5.75%. This interest rate is effective as of 12/01/08 through 12/31/08, and assumes a Prime Rate value of 4.00%. APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.

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Loan payment example assume a $5,000 loan at a constant interest rate of 4.00%, assuming one month in-school period, a six month grace period (i.e., a 7-month "interim period"), a reserve fee of 4%, and 15 years in repayment, would require a monthly payment of $50.00. The interim APR would be 11.08%; the repayment period APR would be 4.59%. This interest rate is effective as of 12/01/08 through 12/31/08, and assumes a Prime Rate value of 4.00%. APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.

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