Stafford Loans
Federal Stafford Loans (Subsidized & Unsubsidized) Loan Form 2009-2010
Direct Processing Form 2009-2010
The Subsidized Federal Stafford loan is available to those students with financial need that can not be covered solely by grants and scholarships.
Students may apply for loans only after they have been reviewed for grant eligibility.
The interest rate for subsidized Stafford loans is fixed at 6.0% effective July 1, 2008.The Unsubsidized Stafford Loan for 2008 - 2009 is fixed at a 6.8% interest rate. Loans prior to this date have a variable interest rate.
The accumulated interest while you are in school or while your loan is in postponement is paid by the Federal Government, if you have a subsidized loan.
You will only pay interest on the subsidized loan when you go into repayment which is six (6) months after you graduate or drop below half time enrollment. If you have an unsubsidized loan, you must pay the accumulated interest on the loan ( capitalized interest) . You can pay the interest while your loan is in postponement, or wait until you go into repayment on the amount you borrowed ( capitalized interest).
To receive a Stafford loan, you must fill out the loan processing form and you may choose a lender that is listed on the form. If you choose a lender that is not listed on the form, you must supply the name, address and lender code on the processing form. For more detailed information, please contact a financial aid representative.
Annual Borrowing Limits For Dependent Students Effective 07/01/08*The Subsidized Stafford Loan for
2008 - 2009 is fixed at a 6% interest rate.
**The Unsubsidized Stafford Loan for
2008 - 2009 is fixed at a 6.8% interest rate.
| Grade Level |
*Subsidized (Sub) Maximum |
**Unsubsidized (Unsub) Maximum |
Combined Sub & Unsub Maximum |
|---|---|---|---|
Freshman |
$3,500 |
$ 2,000 |
$5,500 |
Sophomore |
$4,500 |
$2,000 |
$6,500 |
Effective 07/01/08
| Grade Level |
Subsidized Maximum |
Unsubsidized Maximum |
Combined Sub. & Unsubsidized Maximum |
|---|---|---|---|
Freshman |
$3,500 |
$6,000 |
$9,500 |
Sophomore |
$4,500 |
$6,000 |
$10,500 |
Aggregate (Lifetime) Borrowing Limits:
Effective 07/01/08
| Student Type |
Subsidized Maximum |
Combined Sub. & Unsubsidized Maximum |
|---|---|---|
Dependent Undergraduates |
$23,000 |
$31,000 |
Independent Undergraduates |
$23,000 |
$57,000 |