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Stafford Loan
Information
Stafford Loans are awarded to
undergraduate, graduate, and professional students
who meet the following criteria:
-
Enrolled in an eligible
degree-seeking program
-
Enrolled at least half-time (6
credits for undergraduate students, 4 credits
for graduate/professional students)
There are two types of Stafford
Loans:
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Subsidized Stafford Loan
- Fixed interest rate of 6.8% for loans
disbursed on or after July 1, 2006.
- Government pays the interest on subsidized
loans during school and certain other periods.
- Students choose their lender. The lender
is a bank, credit union, or other participating
private lender.
- The length of repayment is between 10 and 25
years depending on the amount owed and the type
of repayment plan selected.
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Unsubsidized Stafford Loan
- Fixed interest rate of 6.8% for loans
disbursed on or after July 1, 2006.
- Government does not pay the
interest on this loan. Students are
responsible for interest accrued. Interest
accrues on this loan once funds are released to
the school.
- Students choose their lender. The lender
is a bank, credit union, or other participating
private lender.
- The length of repayment is between 10 and 25
years depending on the amount owed and the type
of repayment plan selected.
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Stafford Loan Lender Options:
You are responsible for choosing your Stafford
Loan lender. The list provided are lenders
that students have chosen during the 2007-2008
year. You are not limited to these
choices. Please check with your lender if they
participate in the Federal Family Education Loan (FFEL)
Program.
Lender
Options List
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Stafford Loan Limits:-
| Undergraduate/Second
Baccalaureate/Post Baccalaureate Students: |
Freshman
(Yearly Limit)
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Dependent: $3,500
Independent: $7,500 (No more than
$3,500 of this amount may be in subsidized
loans) |
Sophomore
(Yearly Limit)
|
Dependent: $4,500
Independent: $8,500 (No more than
$4,500 of this amount may be in subsidized
loans) |
Junior/Senior
(Yearly Limit)
|
Dependent: $5,500
Independent: $10,500 (No more than
$5,500 of this amount may be in subsidized
loans) |
Aggregate Loan Limit
|
Dependent: $23,000
Independent: $46,000 (No more than
$34,000 of this amount may be in subsidized
loans) |
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| Graduate/Law Students: |
$20,500 (No more than $8,500 of
this amount may be in subsidized loans) |
Aggregate Loan Limit
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$138,500 (No more than $65,500
of this amount may be in subsidized
loans. This limit includes Stafford
Loans received for undergraduate study.) |
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| Medical Students: |
$38,500 (No more than $8,500 of
this amount may be in subsidized loans) |
Aggregate Loan Limit
|
$189,125 (No more than $65,500
of this amount may be in subsidized
loans. This limit includes Stafford
Loans received for undergraduate study) |
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