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College Guide

Federal Student Loans

You have two options when deciding if a federal student loan might be the best way to cover the costs of college tuition. If you are a student, the Stafford Loan is for you. For a graduate student or the parent of a dependent undergraduate, there's the PLUS Loan.

There may also be additional aid such as grants or scholarships available through your school. Ask your financial aid advisor for more information. Below, you'll find details about the federal loans.
Stafford Loans
The Subsidized Stafford Loan is an option for students who demonstrate financial need. The interest is paid by the federal government as long as you're attending school at least half-time and for a six-month grace period after you graduate or during deferment.

The Unsubsidized Stafford Loan is available to students regardless of financial need. Although subsidized and unsubsidized Stafford loans are similar to each other, you must pay all the interest on unsubsidized loans. If you do not make interest payments while you are in school, the interest to the principal loan amount will be capitalized when you enter repayment.

Loan amount maximums are as follows for dependent students:
  • Up to $3,500 as a freshman
  • Up to $4,500 as a sophomore
  • Up to $5,500 for remaining undergraduate years
Independent students and dependent students whose parents cannot obtain federal PLUS loans may borrow additional funds as follows:
  • Up to $7,500 as a freshman
  • Up to $8,500 as a sophomore
  • Up to $10,500 for remaining undergraduate years
  • Up to $20,500 for each year of graduate school

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Federal PLUS Loan for parents
Federal Parent PLUS loans are available to parents who want to borrow the balance of their dependent child's education expenses minus any financial aid their child has received. These loans are available regardless of financial need to parents of students attending college at least half-time.
 
The interest rate on federal PLUS loans is 8.5%, and repayment begins within 60 days after the loan has been fully disbursed.
Repayment sometimes may be deferred to a later date depending on your circumstances. For more information, please contact your school or call Fifth Third at 1-800-222-7192.

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Graduate PLUS Loan
Graduate PLUS Loans are federally sponsored education loans for students attending graduate school. With a Graduate PLUS Loan, you can borrow up to the full cost of your education, including tuition and fees, room and board, books and supplies, transportation, and living allowance, less other aid received.

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Federal financial aid from your college
 

Your college may offer you loan, grant, and work-study options to help you finance your education. Ask your advisor about your school's financial aid packages.
Are you an "independent" student?
 
To be considered an independent student, you must be one of the following:
  • 24 years old by December 31 of the awarding year
  • An orphan or a ward of the court
  • A veteran
  • Married or have legal dependents other than a spouse
  • A graduate student

Should unusual circumstances apply, see your school's Financial Aid Administrator.

 
Current interest rates for federal student loans
Loan Current rate
July 2007–June 2008
Stafford Loan
In school, grace, or deferment 		6.8% fixed rate
PLUS Loan 8.5% fixed rate

Note: Interest rates on federal student loans are subject to change annually on July 1.
 
 
More Information
 
To apply for a student loan, please call:
Fifth Third Education Hotline 1-800-222-7192
TDD/TTY 1-800-535-4314

Questions regarding existing student loans, please call either:
Sallie Mae 1-888-272-5543
Great Lakes Higher Education 1-800-236-4300