Low- or moderate-income families with a child in college. The borrower will normally be the student’s parents. Only “independent” undergraduate students may themselves borrow. An undergraduate student is considered independent if he is either 24 years of age or older by December 31 of the award year, has dependents, is married, is a veteran, or is a ward of the court.
The applicant must be a legal resident of the U.S.
Applicants with temporary, work or student visas are not eligible
PROGRAM DESCRIPTION
Undergraduate Students Enrolled at Private Universities
Undergraduate Students Enrolled at Public Universities
Initial Loan Amount
Up to $7,500 based on the following formula:
Tuition- [Expected Family Contribution + all government and school grants and scholarships +Perkins loans +Subsidized Stafford loans]
Up to $5,000 based on the following formula:
Cost of Attendance – [Expected Family Contribution+ all government and school grants and scholarships +Perkins loans +Subsidized Stafford loans]
Monthly Loan Payment
$300 a month, beginning one month after the loan is extended
$250 a month, beginning one month after the loan is extended
Follow-on Loans
Up to $7,500 every academic year as determined by the formula above, provided the student is still in school and borrower has a good repayment history.
Up to $5,000 every academic as determined by the formula above, provided the student is still in school and borrower has a good repayment history.
Maximum Cumulative Amount Borrowed
$30,000
$20,000
Borrower
Parents of dependent students; independent students
Parents of dependent students; independent students
Cosigner Criteria
Family income of at least $50K, and a FICO score of at least 680 as evidenced by an Experian credit report
Family income of at least $40K, and a FICO score of at least 680 as evidenced by an Experian credit report
¹The Expected Family Contribution (EFC) is determined by the U.S. Department of Education based on the family financial information submitted in your FAFSA form. The EFC, which is reflected in your Student Aid Report (SAR), takes into account your family's taxed and untaxed income, assets and benefits, as well as family size and the number of family members who will attend college during the year.
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