Subsidized Stafford Loan
This is a federally subsidized loan, which means that the government pays the interest while the student is enrolled at least half time, and for a six month grace period after the student leaves school or drops below half time. For amounts and interest rates please refer to the Stafford Loan Details list below.
Unsubsidized Stafford Loan
If you are not eligible for a Subsidized Federal Stafford Loan (or if your parent has been denied a Federal PLUS loan) you may borrow an Unsubsidized Federal Stafford Loan. All interest charges are the responsibility of the borrower: 6.8% fixed for the life of the loan. Borrowers can choose to make interest payments online through http://www.dl.ed.gov or by contacting Direct Loan Servicing at 1800-848-0979. Students may borrow up to their grade level maximum, which is the same as the Subsidized Stafford loan (plus an additional $6000 to $7000 for undergraduates, if due to a PLUS denial.)
NEW: Students who borrow their maximum grade level with the Subsidized Stafford can now also borrow an additional $2000 in Unsubsidized Stafford loan, even if a parent PLUS has not been denied. Concerned about loan indebtedness, and the impact of loan repayment on future quality of life, we encourage students not to borrow unless absolutely necessary.
To complete Stafford Loan Master Promissory Note and Loan Entrance Counseling, please go to the Federal Direct Loan website.
Stafford Loan details referenced from studentaid.ed.gov
| Federal Stafford Loan Limits |
Annual Limits |
|
Subsidized
|
Total (subsidized & unsubsidized)
|
Dependent Undergraduates
|
|
|
First Year
|
$3,500
|
$5,500
|
Second Year
|
$4,500
|
$6,500
|
Third Year & beyond
|
$5,500
|
$7,500
|
Independent Undergraduates (and dependents whose parents are unable to borrow under the Parent PLUS program)
|
|
|
First Year
|
$3,500
|
$9,500
|
Second Year
|
$4,500
|
$10,500
|
Third Year
|
$5,500
|
$12,500
|
Fourth Year
|
$5,500
|
$12,500
|
Fifth Year
|
$5,500
|
$12,500
|
Graduate & Professional Students
|
$8,500
|
$20,500
|
Aggregate Limits
|
Dependent Undergraduates
|
$23,000
|
$31,000
|
Independent Undergraduates (and dependents whose parents are unable to borrow under the Parent PLUS program)
|
$23,000
|
$57,500
|
Graduate & Professional Students
|
$65,500
|
$138,500
|
A dependent student is any student who is an undergraduate, under 24 years of age, unmarried, has no dependents, and is not a veteran. All other students are considered independent.
|
First disbursement of a loan |
Interest rate on
the unpaid balance
|
Made on or after
|
And made before
|
1-Jul-08
|
1-Jul-09
|
6.0 percent
|
1-Jul-09
|
1-Jul-10
|
5.6 percent
|
1-Jul-10
|
1-Jul-11
|
4.5 percent
|
1-Jul-11
|
1-Jul-12
|
3.4 percent
|
