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Loan types
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Federal Direct Subsidized Stafford Loan |
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| Lender: | US Department of Education; promissory note/application forms are provided by the Brown Loan Office |
| Based on Need? | Yes, based upon student/spouse resources |
| Annual Borrowing Limit: | $8,500 |
| Aggregate borrowing limit: | $65,500 |
| Loan Fees: | .5% Origination Fee |
| Interest Rate: | Fixed rate of 6.8% |
| Interest Accrues: | |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | Half-time student status; full-time status in a graduate fellowship program or approved disability rehabilitation program; unemployment or economic hardship (up to 3 years); serving on active duty or performing qualified National Guard duty during a war or other military operation or national emergency (up to 3 years and only on loans disbursed on or after 7/1/01) |
| Grace Period: | 6 months |
| Repayment Requirements: | Choice of standard (fixed), graduated, extended, income-contingent or income-based repayment, up to 25 yrs to repay. Stafford loans are eligible for consolidation. |
| Prepayment Penalties: | None |
| Allowable Cancellations: | |
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Federal Direct Unsubsidized Stafford Loan |
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| Lender: | US Department of Education; promissory note/application forms are provided by the Brown Loan Office |
| Based on Need? | No, but may not exceed the cost of attendance for the year less other aid |
| Annual Borrowing Limit: | Up to $38,660 |
| Aggregate borrowing limit: | $224,000 (less aggregate subsidized Stafford amount) |
| Loan Fees: | .5% Origination Fee |
| Interest Rate: | Fixed rate of 6.8% |
| Interest Accrues: | Yes, and interest is capitalized after grace/deferments |
| In School? | Yes |
| During Grace? | Yes |
| During Deferment? | Yes |
| Deferment Options | Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship (up to 3 years) |
| Grace Period: | 6 months |
| Repayment Requirements: | Choice of standard (fixed), graduated, extended, income-contingent or income-based repayment, up to 25 yrs to repay. Stafford loans are eligible for consolidation. |
| Prepayment Penalties: | None |
| Allowable Cancellations: | |
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Federal Perkins Loan |
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| Lender: | Brown University (through funds made available from Brown and the federal government) |
| Based on Need? | Yes; must be awarded to students of exceptional need (generally, family resources may not exceed $5,000) |
| Annual Borrowing Limit: | $6,000 |
| Aggregate borrowing limit: | $40,000 |
| Loan Fees: | None |
| Interest Rate: | Fixed rate of 5% |
| Interest Accrues: | |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship up to 3 years |
| Grace Period: | 9 months plus 6-month post-deferment grace |
| Repayment Requirements: | Min. $40/month, maximum 10 to repay This loan is eligible for loan consolidation. |
| Prepayment Penalties: | None |
| Allowable Cancellations: | Death, or total, permanent disability; teaching service in a low income or teacher shortage area; employment in some child/family service agencies |
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Primary Care Loan (PCL) (formerly Health Professions Student Loan) and Loans for Disadvantaged Students (LDS) |
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| Lender: | Brown University (through funds made available from Brown and the federal government) |
| Based on Need? | Yes, based on parental and student/spouse resources. For PCL: Recipients must agree to 1) enter and complete a primary care residency within four years of medical school graduation, and 2) practice in primary care until the loan is paid in full. Primary care is defined as family medicine, general internal medicine, general pediatrics, preventive medicine, or osteopathic general practice. |
| Annual Borrowing Limit: | Not to exceed cost of attendance |
| Aggregate borrowing limit: | No aggregate limit |
| Loan Fees: | None |
| Interest Rate: | Fixed rate of 5% |
| Interest Accrues: | |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | Throughout residency (4 years for PCL, unlimited for LDS) and 2 years fellowship; up to 3 years while serving in active military duty, Public Health Service Corps, Peace Corps/VISTA or as full-time volunteer for a tax-exempt organization |
| Grace Period: | 12 months for PCL/ 6 months for LDS |
| Repayment Requirements: | Min. $40/month, 10 to 25 yrs to repay; PCL Loan may not be consolidated with other student loans; LDS Loan may be consolidated with other student loans. |
| Prepayment Penalties: | None |
| Allowable Cancellations: | Death, or total, permanent disability |
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Medical/Casperson/Kaplan Loans |
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| Lender: | Brown University |
| Based on Need? | Yes, based upon parental and student/spouse resources |
| Annual Borrowing Limit: | No limit |
| Aggregate borrowing limit: | None |
| Loan Fees: | Variable, 7% for 2007-2008 |
| Interest Rate: | |
| Interest Accrues: | No |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | Three-year residency; up to 3 yrs while serving in active military duty, Public Health Service Corps, Peace Corps/VISTA or as full-time volunteer for tax-exempt organization; no unemployment deferment; no student deferment beyond the M.D. degree |
| Grace Period: | 6 months |
| Repayment Requirements: | Min $25/month, max. 10 yrs to repay. Late fee: 10% of monthly payment |
| Prepayment Penalties: | None |
| Allowable Cancellations: | Death or total, permanent disability using federal guidelines for documentation |
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Ellwood Loans |
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| Lender: | Brown University |
| Based on Need? | Yes, based upon parental and student/spouse resources |
| Annual Borrowing Limit: | $3,000 |
| Aggregate borrowing limit: | $12,000 |
| Loan Fees: | None |
| Interest Rate: | Fixed rate of 9% |
| Interest Accrues: | No |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | One-year residency; up to 3 yrs while serving in active military duty, Public Health Service Corps, Peace Corps/VISTA or as full-time volunteer for tax-exempt organization; no unemployment deferment; no student deferment beyond the M.D. degree |
| Grace Period: | 6 months |
| Repayment Requirements: | Min $25/month, max. 10 yrs to repay |
| Prepayment Penalties: | None |
| Allowable Cancellations: | NOT cancellable upon death or disability |
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Plitt/Anderson Loan |
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| Lender: | Brown University |
| Based on Need? | Yes, based upon parental and student/spouse resources |
| Annual Borrowing Limit: | No limit |
| Aggregate borrowing limit: | None |
| Loan Fees: | None |
| Interest Rate: | Variable; 5% for 2007-2008 |
| Interest Accrues: | |
| In School? | No |
| During Grace? | No |
| During Deferment? | No |
| Deferment Options | 3 years residency |
| Grace Period: | 6 months |
| Repayment Requirements: | Min $50/month, max. 10 yrs to repay |
| Prepayment Penalties: | None |
| Allowable Cancellations: | Death or total, permanent disability using federal guidelines for documentation. |
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Federal Graduate PLUS Loan |
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| Lender: | US Department of Education; promissory note/application forms are provided by the Brown Loan Office |
| Based on Need? | No, but may not exceed the cost of attendance for the year less other aid |
| Annual Borrowing Limit: | No limit |
| Aggregate borrowing limit: | No limit |
| Loan Fees: | 2.5% |
| Interest Rate: | 7.5% |
| Interest Accrues: | |
| In School? | No limit |
| During Grace? | No |
| During Deferment? | Yes |
| Deferment Options | Half-time student status; graduate fellowship or rehabilitation training period; unemployment or economic hardship (up to 3 years) |
| Grace Period: | None |
| Repayment Requirements: | Choice of standard (fixed), graduated, extended, income-contingent or income-based repayment, up to 25 yrs to repay. Stafford loans are eligible for consolidation. |
| Prepayment Penalties: | None |
| Allowable Cancellations: | Death or total, permanent disability |
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