Undergraduate Loan Chart

Loan Chart (2014-2015)

Federal Subsidized Stafford Loan

  • Interest Rate: 4.66% fixed during in-school, grace and deferment periods. Interest is paid by the federal government.
  • Origination/ Guarantee Fees: 1.072% for new loans  (e.g. if $1000 is borrowed, $989 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: 4.66% fixed during in-school, grace, and deferment periods.
  • Origination/ Guarantee Fees: 1.072% (e.g. if $1000 is borrowed, $989 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: 4.66% fixed, during in-school, grace, and deferment periods.
  • Origination/ Guarantee Fees: 1.072% (e.g. if $1000 is borrowed, $989 will be applied to the student’s Augsburg account)
  • Annual Loan Limits: Combination of subsidized and unsubsidized loans cannot exceed: Freshman – 9500, Sophomore – 10500, Junior/Senior – 12500
  • 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: 7.21% fixed, during in-school, grace, and deferment periods.
  • Origination/ Guarantee Fees: 4.288% (e.g. if $1000 is borrowed, $958 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.