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2008-2009 Loan Information
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FEDERAL PERKINS LOAN |
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Loan amounts range up to $1,500 based on student's financial need.
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Repayment and interest begins nine months after the student leaves or drops to less than half-time enrollment
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Fixed 5% interest rate once student enters repayment
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Priority deadline is April 1, 2008
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FEDERAL SUBSIDIZED STAFFORD LOAN
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First year students may borrow up to $3,500, second year students may borrow up to $4,500, and 3rd/4th
year students may borrow up to $5,500.
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Interest free and payment free while student is attending school and during 6 month grace period.
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Repayment of principal and interest begins six months after the student leaves or drops to less than
half-time enrollment.
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Interest rate is fixed at 6.0% for loans disbursed after 7/1/2008.
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FEDERAL UNSUBSIDIZED STAFFORD LOAN
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Established to assist students who do not qualify for the maximum Subsidized Loan.
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Students may be eligible to borrow an additional $2,000 - $7,000 based on their situation.
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Interest accumulates while the student is in school.
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Repayment of the principal and capitalized interest begins six months after the student leaves or
drops to less than half-time enrollment.
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Interest rate is fixed at 6.8%
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FEDERAL PLUS LOAN
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Allows the dependent student's parent to borrow up to the difference between the student's cost of attendance
and the student's financial assistance.
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Interest accumulates while the student is in school.
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The interest rate is fixed at 8.5%.
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Payment of principal and interest begins within 60 days of the loan being fully disbursed, or can be deferred
until 6 months after student leaves school or drops below a less than half time status.
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Financial Aid Office ° 2500 Fleur Drive ° AIB College of Business ° Des Moines, IA 50321
Phone: (800) 444.1921 ° Fax: (515) 244.6773 ° financialaid@aib.edu
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