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On Subsidized Stafford Loans, the federal government pays the interest on your loan while you are in school. Stafford Loans do not go into repayment until six months after you graduate, drop below half-time status or drop out of school completely. For Unsubsidized Stafford Loans, you have the option to pay interest quarterly while you are in school, but, unlike other lenders, smartFUNDS only capitalizes this interest once, saving you money over the life of your loan.
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Subsidized
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Unsubsidized
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Interest Rate
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6.8% Loans disbursed 7/1/06 – 6/30/08 (in-school and repayment)
6.0% Loans disbursed 7/1/08 – 6/30/09 (in-school and repayment)
5.6% Loans disbursed 7/1/09 – 6/30/10 (in-school and repayment)
4.5% Loans disbursed 7/1/10 – 6/30/11 (in-school and repayment)
3.4% Loans disbursed 7/1/11 – 6/30/12 (in-school and repayment)
6.8% Loans disbursed after 7/1/12 (in-school and repayment)
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6.8% in-school and repayment (Fixed rate effective July 1, 2006).
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Loan Fees
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1.0% origination fee for loans on or after July 1, 2008
0% default fee*
(*Must be a Missouri school and a Missouri loan guarantee. Effective July 1, 2008.)
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Annual Maximums:
Dependent Students (Except Students Whose Parents Cannot Borrow PLUS)
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Base amount
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Additional unsubsidized loan amount
Prior to July 1, 2008
Effective July 1, 2008
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Freshman
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$3,500
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0
$2,000
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Sophomore
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$4,500
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0
$2,000
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Junior or Senior
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$5,500
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0
$2,000
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Independent Undergraduate Students and Dependent Students whose parents cannot borrow a PLUS Loan
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Base amount
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Additional unsubsidized loan amount
Prior to July 1, 2008
Effective July 1, 2008
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Freshman
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$3,500
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$4,000
$6,000
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Sophomore
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$4,500
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$4,000
$6,000
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Junior or Senior
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$5,500
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$4,000
$6,000
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Cumulative Maximums:
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Prior to July 1, 2008
$23,000 undergraduate
$65,500 undergraduate & graduate combined
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Prior to July 1, 2008
$23,000 dependent undergraduate
$46,000 independent undergraduate
$138,500 undergrad. and grad. combined
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Aggregate Loan Limits (Effective July 1, 2008)
Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized)
Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
Graduate and Professional Students: currently $138,500 (no more than $65,500 of which can be subsidized)
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Repayment Period:
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Up to 10 years
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Minimum Payments:
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$50 per month
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Payments Prior to Graduation?
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Not required.
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May pay interest in quarterly installments.
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