The financial aid officers of each college determine which students receive these loans and how much they receive. Terms of these loans vary from state to state. If you plan on attending college in another state, you may qualify to apply. Similar to the subsidized, except interest begins to accrue as soon as the loan is disbursed. Students can choose to make interest payments during college or defer them until six months after they leave school.
Parents can borrow up to the annual total cost of attendance.
New rates are set each July and cannot exceed nine percent. Repayment generally begins 60 days after the loan is disbursed. Rates, repayment plans, and borrowing limits vary.