Subsidized Federal Direct Stafford Loan
- Borrower: Undergraduate students who demonstrate financial need (must be enrolled at least half-time, six credits).
- Lender: Federal government.
- Loan Amount: Per academic year, up to $3500 for freshman grade level, $4500 for sophomore grade level, and $5500 for junior and senior grade levels.
- Application process: Complete the FAFSA annually. Accept the Federal Direct Loan offer in your eSIS. Complete online Entrance Counseling and Master Promissory Note through studentaid.gov. Please see First-time Federal Student Loan Borrower Instructions on how to complete these items.
- Interest Rates and Loan Origination Fees: For current rates and fees, please visit the Federal Student Aid website.
- Repayment: Repayment begins six months after graduation or after you cease to be enrolled at least half-time, which is 6 credits. Each year while you are in repayment, you are required to pay at least $600 or the unpaid balance (whichever is less). Standard repayment is over a 10-year period; however, several repayment options are available that may extend the length of repayment. There is no penalty for early payment. In order to assist you with your planning, the U.S. Department of Education provides budget and repayment calculators.
Unsubsidized Federal Direct Stafford Loan
- Borrower: Undergraduate and Graduate students regardless of financial need (must be enrolled at least half-time, which is 6 credits for undergraduates and 4 credits for graduates).
- Lender: Federal government.
- Loan Amount: Per academic year, undergraduates can receive up to $5500 for freshman grade level, $6500 for sophomore grade level, and $7500 for junior and senior grade levels. Amounts are higher for independent students.
- Application process: Complete the FAFSA annually. Accept the Federal Direct Loan offer in your eSIS. Complete online Entrance Counseling and Master Promissory Note through studentaid.gov. Please see First-time Federal Student Loan Borrower Instructions on how to complete these items.
- Interest Rates and Loan Origination Fees: For current rates and fees, please visit the Federal Student Aid website.
- Repayment: Repayment begins six months after graduation or after you cease to be enrolled at least half-time, which is 6 credits for undergraduates and 4 credits for graduates. Each year while you are in repayment, you are required to pay at least $600 or the unpaid balance (whichever is less). Standard repayment is over a 10-year period; however, several repayment options are available that may extend the length of repayment. There is no penalty for early payment. In order to assist you with your planning, the U.S. Department of Education provides budget and repayment calculators.
Federal Parent PLUS Loan
- Borrower: Parents of dependent undergraduate students.
- Lender: Federal government.
- Loan Amount: Up to the cost of attendance, minus any other aid the student has received. Note that an origination fee will be deducted from each loan disbursement.
- Application process: The student must have a FAFSA on file with UW-River Falls. The parent borrower must have an FSA ID from the U.S. Department of Education (the same FSA ID used to electronically sign the FAFSA). A stepparent may apply for a PLUS loan if the stepparent's information is included with the FAFSA. To apply, complete the the Parent PLUS Application form and sign the Master Promissory Note; instructions can be found on the Parent PLUS Loan Processing page.
- Interest Rates and Loan Origination Fees: For current rates and fees, please visit the Federal Student Aid website.
- Repayment: Repayment of interest and principal begins within 60 days after the loan is fully disbursed. Standard repayment is over a 10-year period; however several repayment options are available that may extend the length of repayment. The parent may choose to postpone repayment until six months after the student graduates or ceases to be enrolled at least half-time, but interest will continue to accrue while repayment is postponed.
Federal Stafford Loans allow for cancellation of all or part of the loan in return for certain types of teaching or public service. Please visit Student Aid on the Web for detailed information.
Federal Direct Loan Limits (Annual)
Dependent | Independent | |
---|---|---|
Freshman0-29 credits |
$5,500 (with a max of $3,500 subsidized) |
$9,500 (with a max of $3,500 subsidized) |
Sophomore30-59 credits |
$6,500 (with a max of $4,500 subsidized) |
$10,500 (with a max of $4,500 subsidized) |
Junior60-89 credits |
$7,500 (with a max of $5,500 subsidized) |
$12,500 (with a max of $5,500 subsidized) |
Senior90+ credits |
$7,500 (with a max of $5,500 subsidized) |
$12,500 (with a max of $5,500 subsidized) |
Graduate |
$20,500 |
Federal Direct Loan Limits (Lifetime)
Dependent | Independent | |
---|---|---|
Undergraduate |
$31,000 (with a max of $23,000 Subsidized) |
$57,500 (with a max of $23,000 Subsidized) |
Graduate |
$138,500 |