Loan Program
Lender
Federal Stafford Loan
T.H.E./Northstar Bank (www.northstar.org) Citibank (www.studentloan.com/health) U.S. citizens or permanent residents enrolled at least half-time
Federal PLUS Loan
T.H.E./Northstar Bank (www.northstar.org) Citibank (www.studentloan.com/health) U.S. citizens or permanent residents enrolled at least half-time
T.H.E. Private Loan
T.H.E./Northstar Bank (www.northstar.org) US citizens/nationals who are enrolled at least half-time
GRADUATE ACCESS LOAN
Deutsche Bank Must be a US citizen/national or eligible noncitizen. Creditworthy graduate student enrolled in an eligible graduate dental or health-related certificate or degree program. Eligibility based on credit report. If student does not meet the minimum credit score they may be eligible to apply with a qualified cosigner. Cost-based: Cost – Financial Aid Annual minimum: $1,000 Annual maximum: Cost of attendance less other aid Aggregate Maximum: None 3-month LIBOR* + 2.75%, 3.95% or 6.45%, based significantly on your credit history
Eligible Borrowers or Recipients
Criteria for Creditworthiness Available Amounts
None, federally guaranteed.
None, federally guaranteed
Subject to normal credit check; applicants need not have established credit, but must have no bad credit experience. Cost-based: Cost minus Financial Aid Annual maximum: Cost of attendance less other aid Aggregate Maximum: $250,000 (includes unpaid educational loans from all sources) Premier Credit: 3-mo. LIBOR + 1.75% Good Credit: 3-mo. LIBOR + 2.75% Interest Rate Cap: 18% Interest is adjusted quarterly. Interest accrues, capitalizing at repayment. Same as above. Repayment term: 20 years
Subsidized: $8,500 annual maximum. Unsubsidized: approximately $10,000, depending on eligibility and program.
Cost-based: Cost minus other Financial Aid Annual maximum: Cost of attendance less other aid.
Interest Rate While in School or Deferment
Subsidized: 0%, Government pays interest during in-school and deferment periods. Unsubsidized: 6.8% fixed for loans disbursed after 7/1/06. Capitalizes once at repayment. Subsidized & Unsubsidized loans: 6.8% fixed on loans disbursed after 7/1/06. Variable rate of 91 day T-Bill + 2.3% for loans disbursed before 7/1/06. 6 months, interest accrues on the Unsubsidized Stafford loan None.
Fixed at 8.5%. Accrued interest is capitalized at repayment.
Interest Rate During Repayment Grace Period Fees
Fixed at 8/5%. Borrower benefits will vary depending on the lender. Within 60 days after final disbursement. 3% at origination.
3-month LIBOR* + 2.7% or 3.9%, based significantly on your credit history
9 months; interest accrues, but is not capitalized None
9 months. 0% at origination. 0%, 3% or 6% at repayment, based significantly on your credit history Access Group, Inc. except for loans prior to July 1, 2004. Up to 20 years to repay.
Servicing Repayment Options
Will vary depending on the lender Standard repayment period is 10 years. Repayment period may be lengthened through deferments, consolidation and/or forbearance. Minimum annual repayment: $600. FAO T.H.E. Loan Program (1-888-843-0004 or web site, www.northstar.org). Citibank (1-866-515-8352 or web site, www.studentloan.com/health) Entrance and Exit Interviews required. Loan forgiven in the event of death or permanent total disability of borrower
Will vary depending on the lender
Great Lakes Servicing Center Up to 15 years to repay. Repayment period may be lengthened through deferments, consolidation and/or forbearance.
Application and Further Information
FAO T.H.E. Loan Program (1-888-843-0004 or web site, www.northstar.org). Citibank (1-866-515-8352 or web site, www.studentloan.com/health) Loan forgiven in the event of death or permanent total disability of borrower
FAO or T.H.E. Loan Program (1-888-8430004 or web site, www.northstar.org)
Access Group, Inc. 1411 Foulk Road P.O. Box 7430 Wilmington, DE 19803-0430 (800) 282-1550 www.accessgroup.org
Comments
Includes death & disability insurance.
* LIBOR stands for the London Interbank Offering Rate. It is an index similar to the US Treasury bill and Commercial Paper.