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The U.S. Department of Education administers a variety of programs to help students and their families pay for a post-secondary education. Included in these are both the Federal Direct Student Loan Program (FDSLP) and the Perkins Loan Program. The information below compares these loan programs, providing the basic elements of each.
NOTE for graduate students only (Seminary, MABC, SIP): The federal government’s Budget Control Act of 2011 impacts students pursuing graduate education throughout the United States. For those graduate students receiving a federal Stafford loan, the Budget Control Act: (1) Eliminates the interest subsidy for subsidized Stafford Loans, effective for new loans received on or after July 1, 2012. (2) Eliminates the rebate for all Direct Loans (subsidized and unsubsidized), effective for new loans beginning July 1, 2012. For more information Click Here.
| Subsidized Stafford | Unsubsidized Stafford | Perkins |
| Need-based, low-interest student loan in which the government pays the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time. | Low-interest student loan in which the student is responsible for the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time. | Low-interest student loan for those students with exceptional need. This loan is repaid to the school rather than an outside lender. |
| Amounts: Freshman: $3,500 Sophomores: $4,500 Juniors/Seniors: $5,500 | Amounts: Freshman: $3,500 Sophomores: $4,500 Juniors/Seniors: $5,500 Additional: All students: $2,000 Independent students: $4,000 (1st/2nd year) $5,000 (3rd/4th year) | Amount: All Students: $3,000 |
|
Interest Rate: 6.8% (fixed) | Interest Rate: 6.8% (fixed) | Interest Rate: 5.0% (fixed) |
| Grace Period: 6 mos. after graduation or student drops below half-time | Grace Period: 6 mos. after graduation or student drops below half-time | Grace Period: 9 mos after graduation or student drops below half-time |
| Fee: 1% of total loan amount. | Fee: 1% of total loan amount. | Fee: None |
| Renewal: Re-application required each year through FAFSA |
Renewal: Re-application required each year through FAFSA | Renewal: Re-application required each year through FAFSA |
| Additional Requirements: Master Promissory Note; Loan Counseling | Additional Requirements: Master Promissory Note; Loan Counseling | Additional Requirements: Master Promissory Note; Loan Counseling |
Loans
For questions or to apply via phone, call our admissions department at 800-568-6248 x3363.
- 21726 Placerita Canyon Rd.
- Santa Clarita, CA 91321
- (800) 568-6248
