Stafford Loans
How to Apply:
Entrance Loan Counseling
Exit Loan Counseling
These loans are awarded as either subsidized or unsubsidized. Both require the completion of the FAFSA. Application for these loans must be completed prior to the last day of Spring classes (or the last day of summer classes if you are attending summer session).
Subsidized Stafford Loan
- A need-based loan.
- Made directly to the student at a variable interest rate for loans disbursed before July 1st, 2006, fixed at 6.8% for loans disbursed on or after July 1st, 2006, and fixed at 6.0% for loans disbursed on or after July 1st, 2008.
- Payments are deferred as long as the student is enrolled at least half-time (6 or more credit hours).
- Repayment of interest and principal does not begin until six months after completion of full-time school.
Unsubsidized Stafford Loan
- Not based on demonstrated need.
- Interest begins to accrue from the date of disbursement. Made directly to the student at a variable interest rate for loans disbursed before July 1st, 2006, fixed at 6.8% for loans disbursed on or after July 1st, 2006.
- Payments are deferred as long as the student is enrolled at least half-time (6 or more credit hours).
- Repayment of accrued interest and principal does not begin until six months after completion of full-time school unless the student has opted to pay the interest as it is accruing.
Funds are disbursed in two separate checks sent directly to the Bursar's Office at the College, generally at the start of each semester. The maximum Subsidized Stafford Loan that can be borrowed by dependent undergraduates is $3,500 for freshmen, $4,500 for sophomores, and $5,500 each year for juniors and seniors. All undergraduates are eligible for an additional $2000 of Unsubsidized Stafford Loan as of July 1st, 2008. Independent students can borrow an additional $4,000 per year for each of the first two years and $5,000 for each of the last two years.
Graduate students may be eligible to borrow up to $20,500 ($8,500 maximum in subsidized Stafford) depending on their Expected Family Contribution (EFC).
