11. FAFSA on the Web www.fafsa.ed.gov September 2009
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16. How does a school determine my financial aid award? September 2009 Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid
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19. Types of Loans September 2009 Interest Rate Repayment Additional Info Federal Perkins Loan 5% Fixed 9 months after school Federal Stafford/ Direct Loan Subsidized 4.5% Fixed Unsubsidized 6.8% Fixed 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Federal Parent PLUS Loan 8.5% Fixed FFEL Schools; 7.9% Fixed Direct Lending Schools May be deferred until 6 months after school Interest accrues while student is in school Minnesota SELF Loan Variable rate 12 months after school Must pay quarterly interest while in school Requires a co-signer Alternative/ Private Loans Variable rate Variable repayment terms Interest accrues while student is in school
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