Federal Stafford Loan

[How To Apply]

Types of Stafford Loans

Subsidized Stafford Loan

Available to all students who demonstrate financial need by filing the Free Application for Federal Student Aid (FAFSA).
Interest free as long as the student remains enrolled at least half time in an accredited degree program.

Annual Subsidized Stafford Loan Limits

Grade Level	Fees	Interest Rate	Repayment Begins
Freshman – $3,500 Sophomore – $4,500 Junior/Senior – $5,500	1.5%	• 0% while enrolled at least half-time and 6 month grace period • 5.6% fixed throughout repayment	Six months after student graduates, withdraws, or attends school less than half time.
Graduate - $8,500	1.5%	• 0% while enrolled at least half-time and 6 month grace period • 6.8% fixed throughout repayment	Six months after student graduates, withdraws, or attends school less than half time.

Unsubsidized Stafford Loan

Available to all students not demonstrating financial need.
Interest accrues while the student is in school.
While in school, the student may choose to capitalize the interest or pay it as it accrues.

Subsidized and Unsubsidized Loans

To be eligible for either the Subsidized or Unsubsidized Stafford loan, the borrower must:

be a U.S. citizen or permanent resident,
not have previous defaults on a federal loan,
be enrolled or plan to enroll at least half time,
maintain satisfactory academic progress (as determined by the Office of Financial Aid).

Annual Combined Subsidized and Unsubsidized Loan Limits - Dependent Students

Grade Level	Fees	Interest Rate	Repayment Begins
Freshman – $5,500 Sophomore – $6,500 Junior/Senior – $7,500	1.5%	Subsidized Portion 0% while enrolled at least half-time and 6 month grace period 5.6% fixed throughout repayment Unsubsidized Portion 6.8% fixed from the first date of disbursement throughout repayment	Six months after student graduates, withdraws, or attends school less than half time.
Graduate – N/A

Grade Level

Fees

Interest Rate

Repayment Begins

Freshman – $5,500
Sophomore – $6,500
Junior/Senior – $7,500

1.5%

Subsidized Portion

0% while enrolled at least half-time and 6 month grace period

5.6% fixed throughout repayment

Unsubsidized Portion

6.8% fixed from the first date of disbursement throughout repayment

Six months after student graduates, withdraws, or attends school less than half time.

Graduate – N/A

Annual Combined Subsidized and Unsubsidized Loan Limits - Independent Undergraduate and Graduate Students

Grade Level	Fees	Interest Rate	Repayment Begins
Freshman – $9,500 Sophomore – $10,500 Junior/Senior – $12,500	1.5%	Subsidized Portion 0% while enrolled at least half-time and 6 month grace period 5.6% fixed throughout repayment Unsubsidized Portion 6.8% fixed from the first date of disbursement throughout repayment	Six months after student graduates, withdraws, or attends school less than half time.
Graduate – $20,500	1.5%	Subsidized Portion 0% while enrolled at least half-time and 6 month grace period 6.8% fixed throughout repayment Unsubsidized Portion 6.8% fixed from the first date of disbursement throughout repayment	Six months after student graduates, withdraws, or attends school less than half time.

Grade Level

Fees

Interest Rate

Repayment Begins

Freshman – $9,500
Sophomore – $10,500
Junior/Senior – $12,500

1.5%

Subsidized Portion

0% while enrolled at least half-time and 6 month grace period

5.6% fixed throughout repayment

Unsubsidized Portion

6.8% fixed from the first date of disbursement throughout repayment

Six months after student graduates, withdraws, or attends school less than half time.

Graduate – $20,500

1.5%

Subsidized Portion

0% while enrolled at least half-time and 6 month grace period

6.8% fixed throughout repayment

Unsubsidized Portion

6.8% fixed from the first date of disbursement throughout repayment

Six months after student graduates, withdraws, or attends school less than half time.

*Origination Fees and Interest Rates apply to loans disbursed between July 1, 2009 and June 30, 2010.