11.25.08 | Other than interest, are there other fees attached to my federal loans?
The answer is yes and no. It just depends on which federal loan you have been awarded.
For the Perkins loan, which are federal loans provided thru your school, the answer is no. There are no additional fees. If you are awarded $2,500 than the entire amount is yours.
If you have a Direct Subsidized or Unsubsidized Loan a 2% origination fee is attached which is taken right off the top of the amount you were approved for. For example if you are awarded $5,500 than $5,390 will be sent to the school when you deduct the 2% fee.
The Direct Plus loan has a 4% origination fee.
FFEL loans have fees as well, but they vary from lender to lender. They can range from 2% on the Stafford Subsidized and Unsubsidized loan to 4% on the Plus.
Here at Staffordloan.com we have zero fees for Stafford loans and 3% fees for Plus loans. For a Stafford loan (click here) and for a Grad Plus loan (click here) and for a Parent Plus loan (click here).
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