Maximum Loan Amounts:
Undergraduate - up to $5,500 a year (maximum of $27,500 as an undergraduate)
Graduate - up to $8,000 a year (maximum of $60,000, including undergraduate loans)
Amount actually received depends on financial need, amount of other aid, and availability of funds at school
Interest Rate: Fixed at five percent
Maximum Loan Length: Up to 10 years to repay, depending on amount owed
Frequency of Payments: Monthly or quarterly. After you graduate, leave school, or drop below half-time enrollment, you have a nine-month grace period before you begin repayment. Those in the military might have longer.
Prepayment penalties: None