Loan Comparison Chart | ||||||
| Federal Direct Subsidized Loan | Federal Direct Unsubsidized Loan | Federal Direct PLUS Loan | Federal Direct Graduate/ Professional PLUS Loan | Perkins Loan | Alternative Loan | New York Higher Education Loan Program (NYHELPs) |
| No credit check | No credit check | Must be credit worthy | Must be credit worthy | No credit check | Must be credit worthy | Must be credit worthy |
| Borrower responsible for repayment, no cosigner needed | Borrower responsible for repayment, no cosigner needed | Borrower responsible for repayment, no student responsibility | Borrower responsible for repayment, no cosigner needed | Borrower responsible for repayment, no cosigner needed | Borrower responsible for repayment; no cosigner needed if creditworthy. If cosigner needed, equal shared responsibility for repayment and debt | Borrower and cosigner(s) are responsible for repayment |
| Loan limits | Loan limits | Loan limits | Loan limits | Loan limits | Limits vary by lender | Loan limits |
| Death/disability benefit | Death/disability benefit | Death/disability benefit | Death/disability benefit | Death/disability benefit | Death/disability benefit | Death/disability benefit while student is in school Death benefit may be granted while borrower is on active military duty |
| Deferment/ forbearance eligibility | Deferment/ forbearance eligibility | Deferment/ forbearance eligibility | Deferment/ forbearance eligibility | Deferment / forbearance eligibility | Possible deferment/ forbearance eligibility | Deferment/ forbearance eligibility |
| Can be consolidated with other federal loans | Can be consolidated with other federal loans | Can be consolidated with other federal loans | Can be consolidated with other federal loans | Can be consolidated with other federal loans | Consolidation not applicable | Not offered at this time |
| Interest is not charged to your loan until 6 months from the time you leave school or drop below half time in school status, or during periods of deferment | Interest is charged to your loan from the time the loan is disbursed to the school. You can make payments or capitalize interest until leaving school, subject to approval | Interest is charged to your loan from the time the loan is disbursed to the school | Interest is charged to your loan from the time the loan is disbursed to the school | Interest is not charged to your loan until 9 months from the time you leave school or drop below half time in school status | Interest is charged to your loan from the time the loan is disbursed to you | Interest is charged to your loan from the time the loan is disbursed to the school. Student borrowers may make interest payments or capitalize interest until 6 months from leaving school or dropping below half time |
