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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
- Declining fixed interest rate for undergraduate
students only:
- Disbursed on July 1, 2008–June 30, 2009
the interest rate is 6%.
- Disbursed on July 1, 2009–June 30, 2010
the interest rate is 5.6%.
- Disbursed on July 1, 2010–June 30, 2011
the interest rate is 4.5%.
- Disbursed on July 1, 2011–June 30, 2012
the interest rate is 3.4%.
- Disbursed after July 1, 2012 the rate is
6.8%.
- Fixed interest rate of 6.8% for loans
disbursed on or after July 1, 2006 for graduate
students
- 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 2008-2009
year. You are not limited to these
choices. Please check with your lender if they
participate in the Federal Family Education Loan (FFEL)
Program.
Stafford
Loan Process
Lender
Options List
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Stafford Loan Limits: (as of July 1, 2008)
| Undergraduate
Students: |
Freshman
(Yearly Limit)
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Dependent:
$5,500 (No more than $3,500 of this amount may
be in subsidized loans) Independent:
$9,500 (No more than
$3,500 of this amount may be in subsidized
loans) |
Sophomore
(Yearly Limit)
|
Dependent: $6,500 (No
more than $4,500 of this amount may be in
subsidized loans)
Independent: $10,500 (No more than
$4,500 of this amount may be in subsidized
loans) |
Junior/Senior
(Yearly Limit)
|
Dependent: $7,500
(No more than $5,500 of this amount may be in
subsidized loans)
Independent: $12,500 (No more than
$5,500 of this amount may be in subsidized
loans) |
2nd Baccalaureate/ Post Baccalaureate
(Yearly Limit)
|
Dependent: $7,500
(No more than $5,500 of this amount may be in
subsidized loans)
Independent: $12,500 (No more than
$5,500 of this amount may be in subsidized
loans) |
Aggregate Loan Limit
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Dependent: $31,000 (No
more than $23,000 of this amount may be in
subsidized loans)
Independent: $57,500 (No more than
$23,000 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: |
$40,500 (No more than $8,500 of
this amount may be in subsidized loans) |
Aggregate Loan Limit
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$224,000 (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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