For Stafford loans first disbursed beginning July 1, 2006, the interest rate is fixed at 6.8%. | 5% fixed | Variable, based on credit history | Variable, based on credit history | Variable, based on credit history |
| For loans first disbursed July 1, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. There are lenders and guarantors that work with Sallie Mae that pay all or a portion of these fees. | None | No disbursement fees for most borrowers Repayment fees are 0%–3% | Disbursement fee is 1%–6.5% | No disbursement fee Repayment fees are 0%–6.5% |
Dependent
$3,500* first year combined $4,500* second year combined $5,500 third and fourth year combined Independent
$7,500* first year combined $8,500* second year combined $10,500 third and fourth year combined *For loans first disbursed on or after July 1, 2007. | Dependent
$3,500* first year combined $4,500* second year combined $5,500 third and fourth year combined Independent $7,500* first year (up to $3,500 in subsidized Stafford) $8,500* second year (up to $4,500 in subsidized Stafford) $10,500 third and fourth year (up to $5,500 in subsidized Stafford) *For loans first disbursed on or after July 1, 2007. | $4,000 | Minimum: $500 Maximum: cost of attendance minus financial aid | Minimum: $1,500 Maximum: $40,000 | No limit |
| Six months after student graduates, withdraws, or attends school less than half time. | Nine months after student graduates, withdraws, or attends school less than half time. | Six months after student graduates, withdraws, or attends school less than half time. | Pay both principal and interest immediately. Pay only interest while you are in school (at least half time). Defer all payments (principal and interest) while you are in school at least half time. | Standard, graduated, and extended repayment options are available. Pay only interest while you are in school (at least half time). With the $10 deferred repayment option, defer payments for up to 12 months. |