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Federal Stafford Loans

Stafford Loans | Apply Online | FAQ

In collaboration with Stafford Loan, we are proud to offer you the following two loan programs:

Stafford Loans for Undergraduate Students

There are two different types of Stafford Loans, subsidized and unsubsidized.

  • Subsidized loans are awarded based on financial need. You will not be charged interest before you begin repayment or during periods of deferment. The federal government "subsidizes" the interest during these times.
  • Unsubsidized loans are not awarded based on financial needs. Any eligible student can take out unsubsidized Stafford loans. You will be charged interest from the time the loan is disbursed, to the time the loan is repaid in full.

How much can I borrow?

  Dependent Undergraduate Student Independent Undergraduate Student*
1st Year $5,500 - No more than $3,500 may be in subsidized loans. $9,500 - No more than $3,500 can be in subsidized loans.
2nd Year $6,500 - No more than $4,500 may be in subsidized loans. $10,500 - No more than $4,500 can be in subsidized loans.
3rd and 4th Years (and 5th year, where applicable) $7,500 - No more than $5,500 may be in subsidized loans. $12,500 - No more than $5,500 can be in subsidized loans.
Maximum Total Debt from Stafford Loans: $31,000 - No more than $23,000 may be in subsidized loans. $57,500 - No more than $23,000 can be in subsidized loans.

The amount you can borrow is based on your year in school and your status as a student. Independent students may borrow more because they are paying for college by themselves. Students may not always qualify for the maximum amount - check with your financial aid office.

Apply for a Stafford Loan Now

How do I qualify?

  • Complete the FAFSA for the appropriate academic year
  • Be a US citizen or eligible non-US citizen
  • Be accepted for enrollment in a participating institution of higher learning; or, if enrolled, be making satisfactory progress
  • Be classified as at least a half-time student and working toward a degree or certificate
  • Not be in default on an education loan or owe any education grant refunds
  • Be registered with Selective Service, if required 

How can I get this loan?

You first must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. After the FAFSA is processed, your school will review the results and inform you about your loan eligibility. You may then apply for the Federal Stafford loan. Once your school certifies the loan (typically, just before the semester start date), the proceeds are deposited into your account at the school.

When will I get my money?

In most cases, your loan is disbursed in two installments for both semesters. Your loan money will be used to pay your tuition and fees. If loan money remains, your school will credit your account or pay you directly. Lenders send the funds directly to your school.

Can I cancel the loan?

Yes. Your school must notify you in writing whenever it credits your account with your loan proceeds. This notification must be sent to you no earlier than 30 days before and no later than 30 days after the school credits your account. You may cancel all or a portion of your loan if you inform your school within 14 days after the date that your school sends you this notice or by the first day of the payment period, whichever is later. Your school can tell you the first day of your payment period.  Student loan consolidation is also an option, allowing you to lower your monthly payment and combine multiple bills into one.

Apply for a Stafford Loan Now

What is the interest rate of this loan?

For all loans disbursed after July 1, 2013 (for the 2013-14 school year), the interest rate is fixed at 3.86%. Be sure to check back at the end of May 2014 for the new 2014-15 fixed interest rate.

Are there any special fees I will pay?

Many guarantors no longer charge a guarantee fee for education loans. But if they do, this fee could be up to 1% of the loan amount. Additionally, your lender may charge an origination fee up to 3% of the loan amount. Guarantee and origination fees, if charged, are deducted from the loan funds before they are sent to the school.

What are my repayment options?

The normal repayment term for this loan is 10 years. You may be able to extend repayment by deferring or consolidating your loans.

You can choose one of the following plans:

Standard Repayment
The Standard Repayment Plan requires you to pay a fixed amount each month -- at least $50 or the interest that has accrued.
Graduated Repayment
The Graduated Repayment Plan sets your payments lower at first and then increases them over time. Each of your payments must equal the interest accrued on the loan between scheduled payments.
Income-Sensitive
Repayment
The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. Payments may change as your income rises or falls.
Extended Repayment
The Extended Repayment Plan is for borrowers with FFELP loans totaling more than $30,000. This plan offers a choice of fixed or graduated payments over a period of up to 25 years.

* Independant students or dependent undergraduate whose parents are unable to get a PLUS loan qualify under this category.

Stafford Loans for Graduate Students

There are two different types of Stafford Loans, subsidized and unsubsidized.

Subsidized Loans
Subsidized loans are awarded based on financial need. You will not be charged interest before you begin repayment or during periods of deferment. The federal government "subsidizes" the interest during these times.
Unsubsidized Loans
Unsubsidized loans are not awarded based on financial needs. Any eligible student can take out unsubsidized stafford loans. You will be charged interest from the time the loan is disbursed, to the time the loan is repaid in full.

How much can I borrow?

  Graduate/Professional Student
1st Year $20,500 (unsubsidized only)
2nd Year
3rd and 4th Years (and 5th year, where applicable)
Maximum Total Debt from Stafford Loans:

$138,000 - No more than $65,500 can be in subsidized loans.

The graduate debt limit includes Stafford Loans received for undergraduate study.

The amount you can borrow is based on your year in school and your status as a student. Independent students may borrow more because they are paying for college by themselves. Students may not always qualify for the maximum amount - check with your financial aid office.

Apply for a Stafford Loan Now

How do I qualify?

  • Complete the FAFSA for the appropriate academic year
  • Be a US citizen or eligible non-citizen
  • Be accepted for enrollment in a participating institution of higher learning; or, if enrolled, be making satisfactory progress
  • Be classified as at least a half-time student and working toward a degree or certificate
  • Not be in default on an education loan or owe any education grant refunds  

How can I get this loan?

You first must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. After the FAFSA is processed your school will review the results and inform you about your loan eligibility. Once you receive your award letter, you may then apply for the Stafford loan.

What is the interest rate of this loan?

For all loans disbursed after July 1, 2013 (for the 2013-14 school year), the interest rate is fixed at 5.41%. Be sure to check back at the end of May 2014 for the new 2014-15 fixed interest rate. 

Are there any special fees I will pay?

Many guarantors no longer charge a guarantee fee for education loans.  If they do, this fee could be up to 1% of the loan amount. Additionally, there is an origination fee up to 3% of the loan amount which is used to insure the loan against default. Guarantee and origination fees are deducted from the loan proceeds before they are sent to the school.

When will I get my money?

In most cases, your loan will be disbursed in two installments and sent directly to the school as determined by your financial aid office. Your loan money will be used to pay your tuition and fees. If loan money remains your school will credit your student account or pay you directly. 

Can I cancel the loan?

Yes. Your school must notify you in writing whenever it credits your account with your loan proceeds. This notification must be sent to you no earlier than 30 days before, and no later than 30 days after, the school credits your account. You may cancel all or a portion of your loan if you inform your school that you wish to do so within 14 days after the date that your school sends you this notice, or by the first day of the payment period, whichever is later. Your school can tell you the first day of your payment period.  Student loan consolidation is also an option, allowing you to lower your monthly payment and combine multiple bills into one.  

What are my repayment options?

The normal repayment for this loan is 10 years. You may be able to extend repayment by deferring or consolidating your loans. You may choose one of the following plans:
Standard Repayment
The Standard Repayment Plan requires you to pay a fixed amount each month-- at least $50 or the interest that has accrued.
Graduated Repayment
The Graduated Repayment Plan sets your payments lower at first and then increases them over time. Each of your payments must equal the interest accrued on the loan between scheduled payments.
Income-Sensitive
Repayment
The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. Payments may change as your income rises or falls.
Extended Repayment
The Extended Repayment Plan is for borrowers with FFELP loans totaling more than $30,000. This plan offers a choice of fixed or graduated payments over a period of up to 25 years.

Apply for a Stafford Loan Now