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Stafford
Loans
Stafford Loans are offered
through the Federal Family Education Loan Program (FFELP)
available to students through participating lending
institutions. The interest rate is fixed at 6.8%.
There are two types of Stafford loans: Subsidized loans
are based upon financial need and the interest is paid for the
student while in school and during the grace period;
Unsubsidized loans are not need based and the interest can
either be paid quarterly or can be compounded and paid during
repayment. Repayment begins 6 months after graduation or
ceasing to attend at least 6 credits. There are loan
limits based on dependency status and grade level as shown on
the chart below:
Federal
Stafford Loan Maximums effective July 1, 2007.
ANNUAL LOAN LIMITS
Students may borrow up to
the annual loan amount listed below which is based on the total
number of credits completed. Annual award year is defined
to include Summer 2007, Fall 2007 and Spring 2008 semesters.
Summer Award Example:
If a dependent student who has completed 15 credits borrowed
$1,000 to cover their Summer 2007 tuition expenses, their
remaining eligibility will be $2,500 ($1,250/Fall 2007 and
$1,250/Spring 2008). If the student completes sufficient
credits to advance to the second year at the conclusion of the
summer or fall semester, their annual loan amount will increase
to the second year award amount.
|
DEPENDENT
UNDERGRADUATES2 |
Total credits completed |
Subsidized |
TOTAL
Subsidized &
Unsubsidized3 |
| First
Year |
0-29 |
$3,500 |
$3,500 |
| Second
Year |
30-59 |
$4,500 |
$4,500 |
| Third
Year and Beyond |
60+ |
$5,500 |
$5,500 |
|
INDEPENDENT
UNDERGRADUATES
(and
dependents whose parents are unable to borrow under the
PLUS program) |
|
|
|
| First
Year |
0-29 |
$3,500 |
$7,500 |
| Second
Year |
30-59 |
$4,500 |
$8,500 |
| Third
Year and Beyond |
60+ |
$5,500 |
$10,500 |
| AGGREGATE
LIMITS |
|
|
|
| Dependent
Undergraduates |
|
$23,000 |
$23,000 |
| Independent
Undergraduates |
|
$23,000 |
$46,000 |
2
All undergraduate annual loan limits are subject to proration.
3
If
the borrower does note have financial need for a subsidized
Stafford loan using expected family contribution (EFC), or has
reached the aggregate limit in subsidized Stafford loans, the
borrower may receive up to this entire amount in unsubsidized
Stafford loans assuming he or she has remaining eligibility for
the loan.
FAFSA
Online $ Paying for College
$
Tuition Costs
$
Scholarship Day
$ Scholarship
Applications $ Securing your Financial Aid
Campus Visit Days
$ Parent Plus Loan Process
$ Alternative Loan Applications
$ Financial Aid Forms
Available Work-Study Positions
$ Exit Counseling
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