FEDERAL STAFFORD LOAN PROGRAM

Please review this information carefully before you decide to borrow.

If your Financial Aid Award Letter indicates eligibility for the Federal Subsidized Stafford and/or the Unsubsidized Stafford Loan, you are eligible to borrow up to the amount on your award letter. Federal law limits total financial assistance, which includes borrowing, to the cost of attendance, which includes tuition, fees, room, board, books, supplies, transportation, and personal expenses. Your award letter shows loan eligibility considering these costs. Our school has awarded you the full eligibility for the Subsidized loan; to borrow additional Unsubsidized loan you must contact our office. Payment on both of these loans begins six months after the student's enrollment status drops below half time.

Federal Stafford - Subsidized: This award is made on the basis of demonstrated financial need. The federal government pays the interest while the student is enrolled and for six months after the student drops below half time enrollment.

Federal Stafford - Unsubsidized: An Unsubsidized loan is not based upon financial need. The student must pay the interest monthly, quarterly, or have the interest capitalized (added to the principal) on the loan while in school. You may choose to borrow less than the award amount or not at all. If you borrow, further action on your part is necessary before the loan application can be created and processed. These steps are listed below.

Federal Stafford Loan Limits:

The annual borrowing limits for the Subsidized Stafford Loan Program are:

$3,500 for students with up to 29 credits
$4,500 for students with 30 to 59 credits
$5,500 for students with over 60 credits, and
$8,500 for graduate students

(Grade level is AS OF the beginning of fall semester; it DOES NOT change during the academic year.) If your subsidized Stafford Loan award is less than the annual loan amount for your grade level, you may contact our office for information regarding eligibility and the application process for additional Unsubsidized Stafford Loan. Independent and graduate students may be eligible for additional Unsubsidized loans and may contact our office at any time during the academic year for further information.

Interest Rates and Fees: Stafford Loans have a fixed interest rate of 6.8% for loans with a first disbursement after July 1, 2006. (Previously, Stafford Loans had variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional 0.6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments.) All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment.

Process My Stafford Loan

Welcome to Financial Assistance

Do you have a question?

FEDERAL STAFFORD LOAN PROGRAM