| Eligibility: |
Parent
or credit worthy student with a satisfactory credit score, minimum income requirement, and debt to income ratio
Loan is in student's name
|
Parent
of dependent student with no adverse credit history
Loan is in parent's name only
|
| Interest: |
Variable:
8.43%
Rate changes each June 1
|
Federal
rate: Fixed 8.50%
|
| Other
fees: |
4% guarantee fee, added to the principal balance at disbursement
no origination fee
|
3%
Origination fee 1% Default
fee
|
| Loan
amounts: |
$1000
minimum
Full cost of education minus other financial aid
|
Full
cost of education minus other financial aid. |
| Repayment: |
4-20
years based on principal amount |
10
years |
| Deferment: |
Can
defer principal while the student is in school and during 6 month grace period (interest payments required) |
Can defer principal and interest while the student is in school and during 6 month grace period |
| Consolidation: |
Not Available |
Available thru Ford Federal Direct
|
