Loan Comparison
The One Big Beautiful Bill Act as resulting in changes to federal student aid programs, including borrowers. As you consider a loan to pay for your educational expenses, use this table to compare various types of loans and their requirements and limitations.
|
Loan Type |
Federal Student |
Federal PLUS Loan |
Private Student Loans |
|---|---|---|---|
|
Rates |
Rates are typically fixed and are set annually by the U.S. Department of Education. |
Rates are typically fixed and are set annually by the U.S. Department of Education. |
Rates may be variable or fixed, are based on credit history, and vary by lender/loan program. |
| Interest Rate and Loan Limit |
Undergraduate Students Interest Rate Annual limit: Aggregate limit:
Aggregate Limit: For all unsubsidized and subsidized loans: $57,500 (not more than $23,000 can be subsidized) An undergraduate student enrolled less than full time for an academic year, the direct loans will adjusted downward proportionally, based on your level of enrollment. |
Graduate PLUS Loan interest Rate As of July 1, 2026, GRAD Plus loans will be eliminated unless the student qualifies for **legacy exception. Annual Limit: $20,500
**Limited Exception/Legacy Provision: A student can continue to borrow under the Graduate PLUS Program if:
*A graduate student will still be eligible for the Graduate Unsubsidized Stafford Loan
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Private/Alternative Loan Rates are based on an applicant’s credit and may be lower than interest rates for federal student loans Borrowing limits vary by lender, loan program, and by cost of attendance. |
| Interest Rate and Loan Limit |
* Graduate Students Interest Rate As of July 1,2026 Annual Limit: $20,500 |
Parent PLUS Loan: Interest Rate As of July 1, 2026, Parent Plus loans will be will have loan limits unless the student qualifies for Limited Exception (Legacy Exception). Limited Exception: Parents are not subject to the new PLUS loan limits (for up to three academic years or the remainder of the student's expected time to credential, whichever is less)
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| Interest Rate and Loan Limit |
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NEW Parent PLUS Loan Borrowers interest Rate Loan Limit: $20,000 per dependent student, per year Aggregate Limit: $65,000 per dependent student in total Please note that the new aggregate limit of $65,000 means borrowing the maximum for four years will cause the parent(s) to reach the aggregate limit before the student completes the four years it will take to complete their degree. |
|
| Borrower |
Student is the primary borrower and responsible for repayment. |
Parent is responsible for Graduate student is responsible for Grad PLUS repayment |
Student and cosigner, if |
| Origination Fees |
1.057% on or after October 1, 2025 - before September 30, 2026) |
4.228% on or after October 1, 2025 - before September 30, 2026) |
Varies with lender. Some |
| Credit Review |
No debt-to-income analysis or credit check performed. |
No debt-to-income analysis performed, but a credit report is reviewed. |
Comprehensive credit approval process. |
| Repayment |
A student that has not used a prior 6-month grace period and is enrolled at least half-time will automatically have an In-School Deferment while in school. The student may pay the interest on unsubsidized direct loans while you are in school. Repayment begins six months after graduation, withdrawal from school, or dropping below half-time. Generally, repayment takes 10 to 25 years, depending on the repayment plan chosen. |
Graduate PLUS repayment is similar to Federal Undergraduate Loan repayment. Parent PLUS repayment Generally, repayment takes 10 to 25 years, depending on the repayment plan chosen. |
Generally, you are not Repayment begins six months after graduation, withdrawal Repayment terms vary by |