Students, Families
& Counselors
& Counselors
Loan Comparison Quick Reference
Use our loan comparison chart as a quick, convenient reference guide to the features, terms and repayment details for Stafford, PLUS, Perkins and alternative loans.
For more information, like how to apply for a loan, contact your college's financial aid office.
| Loan Comparison Chart | ||||||
|---|---|---|---|---|---|---|
| Stafford Subsidized Loan | Stafford Unsubsidized Loan | Parent PLUS Loan | 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 |
| Only student loan borrower responsible for repayment, no cosigner needed. | Only student loan borrower responsible for repayment, no cosigner needed. | Only parent borrower responsible for repayment, no student responsibility. | Student loan borrower responsible; no cosigner required. | Student loan borrower is responsible for repayment, no cosigner needed. | Student loan borrower responsible, if credit worthy, no cosigner needed. If cosigner needed, equal shared responsibility for repayment and debt. | Borrower and cosigner are responsible |
| Loan Limits | Loan Limits | Loan Limits | Loan Limits | Loan Limits | Varies by Lender | Loan Limits |
| Death/Disability benefit | Death/Disability benefit | Death/Disability benefit | Death/Disability benefit | Death/Disability benefit | No Death/Disability Benefit. If borrower should die or become totally and permanently disabled, the borrower and cosigner are still responsible for debt. | Death/Disability benefit while student is in school |
| Deferment / Forbearance eligibility | Deferment / Forbearance eligibility | Deferment / Forbearance eligibility | Deferment / Forbearance eligibility | Deferment / Forbearance eligibility | Possible Deferment / Forbearance eligibility | Deferment / Forbearance eligibility |
| Federally guaranteed | Federally guaranteed | Federally guaranteed | Federally guaranteed | Federally guaranteed | Not Federally guaranteed | Not Federally guaranteed |
| Can be consolidated with other federal guaranteed loans through federal guarantee agency | Can be consolidated with other federal guaranteed loans through federal guarantee agency | Can be consolidated with other federal guaranteed loans through federal guarantee agency | Can be consolidated with other federal guaranteed loans through federal guarantee agency | Can be consolidated with other federal guaranteed loans through federal guarantee agency | Cannot be consolidated with other federal guaranteed loans through federal guarantee agency | Not applicable |
| Interest is not charged to your loan until 6 months from the time you leave school or drop below half time in school statu, 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 (defer) 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. You can make payments or capitalize (defer) interest until leaving school, subject to approval. |