PLEASE NOTE: This information includes only loans certified by PLU for attendance at PLU and does NOT include any Federal Direct Parent PLUS loans.  Estimated monthly payments and total loan payoff for federal student loan programs assume the standard 10 year repayment term.  These are estimates only and not meant as a guarantee or promise of actual projected amounts.

Federal Direct Loan:  Aggregate loan maximum varies by student type:  $31,000 for dependent undergraduates; $57,500 for independent undergraduates and dependent students whose parents have been denied the Federal Direct Parent PLUS Loan;  $138,500 for graduate students, minus any Direct Loans borrowed as an undergraduate student.

Federal Perkins Loan:  This federal loan  program was discontinued as of the 2017-18 academic year so % of aggregate loan and maximum aggregate borrowing limits do not apply.

Private/Alternative Loans: Figures for private/alternative loans reflect an average monthly payment and cost of borrowing, based on an average interest rate of 6% and does not reflect your actual costs. Your own monthly payment amount, total payoff amount and aggregate maximum borrowing limit will vary by lender.

Eligibility: For the federal loan programs listed above, students are required to submit the Free Application for Federal Student Aid (FAFSA). A credit history is not required. Applying for private/alternative loans are generally made on the loan provider’s website and require a credit worthy applicant or co-signer/endorser.
Interest Rates: The Federal Direct Loans interest rate is set by the U.S. Department of Education each July for loans disbursed on/after July 1 of each year. Estimated monthly payments and total payoff is based on an interest rate which is the weighted average of loans borrowed. The Federal Nursing and Perkins Loans have a fixed 5% interest rate. Private loan providers set their own market-based rates, based upon their own loan underwriting criteria.

Repayment: Repayment on Federal Direct loan programs begin after a six month grace period after the student leaves school or ceases to be enrolled at least half time. Monthly payment amounts are determined by the amount borrowed and the repayment plan selected, several of which are tied to income (Income-Based, Income-Contingent, Income-Sensitive). Repayment on the Federal Nursing and Perkins Loans begin after a nine month grace period. Some Federal loans may be forgiven if you meet certain employment and repayment conditions in qualifying public service or teaching positions. The 10 year standard repayment plan is automatically used unless the borrower selects an alternative repayment schedule. Private loans are typically set up on a 15 or 20 year repayment plan, depending on the amount borrowed. Alternative loans usually have a fixed monthly payment and are not required to offer options to defer your loan payments and do not offer public service or teaching loan forgiveness.

Resources: Additional information about the Federal Direct and Perkins Loans may be found at  Your actual total Federal Direct and Federal Perkins Loan borrowing history can be accessed on the National Student Loan Data System (NSLDS). Information on private loans can be found at FastChoice. Disputes related to your Direct or Federal Family Education Loans, Guaranteed Student Loans and Perkins Loans may be directed to the Federal Student Aid Ombudsman Group for help after exhausting the recommendations to resolve the issues yourself at Feedback System. Students may also seek assistance from the state student loan ombudsperson or advocate at the Washington Student Achievement Council (WSAC) at