Day Loan Chart

Federal Subsidized Stafford Loan

• Interest Rate: 6.8% fixed, during in-school, grace and deferment periods. Interest is paid by the federal government.
• Origination/ Guarantee Fees: 1.0% (e.g. if $1000 is borrowed, $990 will be applied to the student’s Augsburg account)
• Annual Loan Limits: Freshman – 3500, Sophomore – 4500, Junior/Senior – 5500
• Cumulative Loan Limits: Undergraduate – $23,000
• Grace Period: 6 Months
• Repayment Terms: Standard repayment is 10 years following grace period, though other repayment options may be available
• Deferment Options: Continued education, disability, and unemployment. Contact your lender for other options.

Federal Unsubsidized Stafford Loan (Dependent Students)

• Interest Rate: 6.8% fixed, during in-school, grace, and deferment periods.
• Origination/ Guarantee Fees: 1.0% (e.g. if $1000 is borrowed, $990 will be applied to the student’s Augsburg account)
• Annual Loan Limits: Combination of subsidized and unsubsidized loans cannot exceed: Freshman – 5500 Sophomore – 6500 Junior/Senior – 7500
• Cumulative Loan Limits: Undergraduate: $31,000 (of which, no more than $23,000 can be subsidized)
• Grace Period: 6 Months
• Repayment Terms: Standard repayment is 10 years following grace period, though other repayment options may be available
• Deferment Options: Continued education, disability, and unemployment. Contact your lender for other options.

Federal Unsubsidized Stafford Loan (Independent Students or Dependent Students whose parents have been denied PLUS)

• Interest Rate: 6.8% fixed, during in-school, grace, and deferment periods.
• Origination/ Guarantee Fees: 1.0% (e.g. if $1000 is borrowed, $990 will be applied to the student’s Augsburg account)
• Annual Loan Limits: Combination of subsidized and unsubsidized loans cannot exceed: Freshman – 9500 Sophomore – 10,500 Junior/Senior – 12,500
• Cumulative Loan Limits: $57,500 (of which no more than $23,000 can be subsidized)
• Grace Period: 6 Months
• Repayment Terms: Standard repayment is 10 years following grace period, though other repayment options may be available
• Deferment Options: Continued education, disability, and unemployment. Contact your lender for other options.

Federal PLUS Loan (for parents of dependent students)

• Interest Rate: 7.9% fixed, during in-school, grace, and deferment periods.
• Origination/ Guarantee Fees: 4% (e.g. if $1000 is borrowed, $960 will be applied to the student’s Augsburg account)
• Annual Loan Limits: Cost of education less other aid received.
• Cumulative Loan Limits: No Cap
• Grace Period: No grace period, but parents can request the loan to enter forbearance through the lender.
• Repayment Terms: Repayment begins within 60 days after final disbursement of loan funds. Up to 10 Years. See Grace Period information.
• Deferment Options: Contact lender for deferment or forbearance options.

Private/Alternative Loans

• Interest Rate: Variable, based on credit + PRIME or LIBOR.
• Origination/ Guarantee Fees: Varies by lender.
• Annual Loan Limits: Cost of education less other aid received.
• Cumulative Loan Limits: Varies by lender.
• Grace Period: Varies by lender.
• Repayment Terms: Varies by lender.
• Deferment Options: Varies by lender.