- Academic Progress Policy
- Accept/Decline Aid Instructions
- Aid Programs
- Applying for Financial Aid
- Net Price Calculator
- Costs for 2012 - 2013
- Financial Literacy Resources
- Financial Aid Tutorials
- Forms
- Foundation Scholarships
- Independent Appeal
- Investing in Students
- Marital Status Change
- MOST Scholarships
- Private Scholarship Searches
- Scholarship Renewal Information
- Second Degree
- Special Conditions
- Student Aid Web Sites
- Study Abroad
- Summer Financial Aid Information & Application
- TEACH Grant
- Transfer Students
- Verification
- Work Options
Federal Direct Stafford Loans
Students who wish to apply for a Federal Direct Stafford Loan must first submit a Free Application for Federal Student Aid (FAFSA). Once the Financial Aid Office has processed the application, information will be sent to the student explaining how to view and accept the awards that are offered.
All Federal Direct Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (you are responsible for all the interest, although you can have the payments deferred until after graduation). To receive a subsidized Stafford Loan, you must be able to demonstrate financial need as determined by the FAFSA. All students, regardless of need, are eligible for the unsubsidized Stafford Loan. Interest begins accruing on the loan immediately upon disbursement.
The amount of the loan a student will be offered is determined by factors such as the cost of attendance, loan eligibility, year in school, aid already awarded, such as grants and scholarships, and loan limits. A student must be enrolled for at least six hours (half-time enrollment) each semester to receive Federal Direct Stafford Loans.
First-time Direct Loan borrowers will need to complete a
Master Promissory Note (MPN) which can be found at
www.studentloans.gov. This MUST be done before loan funds can be paid to your student account. If you have never had a
The interest rate for new subsidized and unsubsidized loans first disbursed on or after July 1, 2012, is a fixed 6.80%.
*Attention Graduate Students: As a result of the Budget Control Act of 2011, SEC. 502, subsidized loans cannot be awarded to graduate and professional students (college grade level 6 and 7) for loan periods beginning on or after July 1, 2012. The amount of loan eligibility will be the same but none of it will be subsidized (up to $8,500 per academic year is currently subsidized – meaning that the government is paying the interest while you are in school). You will be responsible for the interest from the time the funds are received (it is better to make the interest payments while you are in school but it can be deferred also). This does not affect subsidized loans that you already have.
Description of repayment plans There are several repayment plans: standard, extended, graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is ten years and the minimum monthly payment is $50. Additional loan repayment information can be found at www.studentloans.gov.
| Year | Dependent Undergraduate Student | Independent Undergraduate Student | Graduate and Professional Degree Student | |||
| First Year |
$5,500 - |
No more than $3,500 of this amount may be in subsidized loans. |
$9500 - | No more than $3,500 of this amount may be in subsidized loans. | $20,500 - | No more than $8,500 of this amount may be in subsidized loans. |
| Second Year |
$6,500 - |
No more than $4,500 of this amount may be in subsidized loans. |
$10,500 - | No more than $4,500 of this amount may be in subsidized loans. |
*See notice above. |
|
| Third and beyond (each year) |
$7,500 - |
No more than $5,500 of this amount may be in subsidized loans. |
$12,500 - | No more than $5,500 of this amount may be in subsidized loans. | ||
| Maximum Total Debt from Federal Direct Stafford Loans When You Graduate |
$31,000 - |
No more than $23,000 of this amount may be in subsidized loans. |
$57,500 - | No more than $23,000 of this amount may be in subsidized loans. | $138,500 - |
No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study. *See notice above. |
*This table has been adjusted for subsidized and unsubsidized Stafford loans first disbursed on or after July 1, 2008.