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Eligibility for Federal Stafford Loans is determined by the Office of Student Financial Services based on the information from the Free Application for Federal Student Aid (FAFSA). Once the University has informed the student of the amount and type of eligibility, the student must apply for the loan by choosing a participating lender (see our list of preferred lenders). The fixed interest rate for Federal Stafford Loans made on or after July 1, 2006 is 6.8%.
For the student with demonstrated financial need, the federal government pays the interest on the subsidized loan while the borrower is enrolled at least half-time and for six months after enrollment stops. At the end of the six-month period, the borrower becomes responsible for the loan interest and repayment.
While unsubsidized loans are offered to students with no financial need at the same interest rates as those loans in the subsidized program, the student borrower with an unsubsidized loan is responsible for the interest at all times. Borrowers can choose to pay the interest while they are enrolled or have it added to the loan principal. Delaying the interest payment by adding to principal, however, will increase the cost of the loan. Repayment of the principal begins six months after the student is no longer enrolled.
If you're a graduate student, an independent undergraduate student (as defined by federal regulations) or a dependent undergraduate student whose parents have applied for but were unable to get a PLUS loan (a parent loan), you may be eligible for the Additional Unsubsidized Stafford Loan.
These amounts are the maximum students can borrow yearly in both subsidized and unsubsidized Federal Stafford Loans, individually or in combination. Because students can't borrow more than the cost of attendance minus the amount of any other financial aid, the amount of loan eligibility may be less than the annual maximum amounts.
Undergraduate Students
|
Annual Sub/Unsub |
Annual Additional Unsub (independent or Plus denial) |
|
First Year |
$3,500 |
$4,000 |
|
Second Year |
$4,500 |
$4,000 |
|
Third Year |
$5,500 |
$5,000 |
| Fourth Year |
$5,500 |
$5,000 |
| Preparatory Graduate |
$5,500 |
$7,000 |
|
Teacher Certification |
$5,500 |
$7,000 |
Graduate Students
|
Annual Sub/Unsub |
$8,500 |
|
Annual Additional Unsub |
$12,000 |
Lifetime Aggregate Maximum Loan Amounts
|
Dependent Undergraduate |
$23,000 (sub/unsub) |
|
Independent Undergraduate |
$46,000 ($23,000 sub) |
|
Graduate |
$138,500 ($65,000 sub) | |
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