Loan Comparison Chart: 2014-15 Academic Year
|Federal Direct Loan (Subsidized or Unsubsidized)||College Access Loan (CAL)||Federal Direct Plus (Parent) Loan||Private Student Loans|
|Maximum Annual Loan Limits|
Freshman: $5,000 - No more than $3,500 in subsidized loans
Sophomore: $6,500 - No more than $4,500 in subsidized loans
Junior and Senior: $7,500 - No more than $5,500 in subsidized loans
|Cost of attendance less other financial aid||Cost of attendance less other financial aid||Cost of attendance less other financial aid|
|5.25% Fixed||6.41 % Fixed||Varies, Fixed and Variable|
|Origination Fees||1.072% Fixed||0%, 3%, or 5%||4.288%||None|
|Repayment Terms||Standard 10-year repayment period. Extended, Graduated, Income-contingent and Income-based options available||Up to 20-year repayment period based on outstanding balance||10- to 20-year repayment period. Begins 60 days after final disbursement unless deferment is requested.||Varies depending on outstanding loan balance and lender|
|Loan Deferment||Automatic until graduation or after six months out of school||Automatic until graduation or after six months out of school||Upon request||Varies|
|Enrollment Requirements||At least half-time||At least half-time||At least half-time||Varies depending on lender|
|Cosigner Required||No||Optional but needed for most undergraduate borrowers||No||Optional but needed for most undergraduate borrowers|
|Favorable credit Evaluation||Not needed||Borrower and/or cosigner||Parent Borrower||Borrower and/or cosigner|
- Subsidized loans are based on financial need as determined by FAFSA. All students are awarded the maximum amount they are eligible to recieve.
- Unsubsidized loans are not based on financial need. If you are an independent student, or your parent is denied the Federal Direct PLUS Loan, you may be eligible for the following additional Federal Direct Unsubsidized Loan: Freshman/Sophomore- $4,000/year, Junior/Senior-$5,000/year.
- Private student loans are available from various lenders. ACU provides a comparison of the options at acu.edu/loans
Federal Direct Loan Limits for Undergraduate Students
|Student Classification||Base Amount||Additional Unsubsidized|
(with PLUS denial or Independent Student)
|Junior and Senior||$7,500||$5,000||$12,500|
|Student Dependency Status||Subsidized Limit||Total Limit|
- Annual Limit - The amount a student can receive in an academic year based on the student's classification
- Aggregate Limit - The maximum amount a student can receive while enrolled as an undergraduate student.
- Subsidized - Loans are based on financial need as determined by FAFSA. The student will not be responsible for the interest until after graduation or at the point the student is no longer enrolled at least half time.
- Unsubsidized - Loans are not based on financial need as determined by FAFSA. Students is responsible for principal and interest but is not required to make payments until after graduation or no longer enrolled at least half time.
- Student Dependency Status - Based on the information provided by FAFSA. It is deferent than IRS or other determinations of dependency.