Students may apply to borrow federal loans by filling out the FAFSA. Federal loans primarily consist of the Stafford and Graduate Plus loans.
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1. 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 $47,160 |
Aggregate borrowing limit: | $224,000 (less aggregate subsidized Stafford amount) |
| Loan Fees: | 1% Origination Fee |
Interest Rate: | Fixed rate of 6.8% |
| Interest Accrues: | Interest is capitalized once in repayment. |
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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2. 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: | 4% |
Interest Rate: | 7.9% |
| Interest Accrues: | |
In School? | Yes; Capitalized once in repayment |
| 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 month automatic deferment from time of separation if issued after 6/08 |
| 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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3. 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 |
| Repayment Requirements: | Min. $40/month, maximum 10 to repay This loan is eligible for loan consolidation. |
Prepayment Penalties: | None |
| Allowable Cancellations: | |
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4. 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/ 12 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: | |
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5. Federal Direct Subsidized Stafford Loan |
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| As of July 1, 2012, the federal government will no longer extend Direct Subsidized Stafford Loans to graduate/professional students. |
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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: | 1% |
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: | |
