Student Financial Services

FEDERAL SUBSIDIZED STAFFORD LOAN PROGRAM

Any student enrolled on at least a half-time basis may apply. Must show financial need. A one-time promissory note must be completed in addition to the FAFSA. The Stafford Loan Program allows a student to borrow from a private lender (e.g., bank or credit union). Interest begins, along with principal repayment, six months following graduation or less than half-time enrollment. For loans disbursed July 1, 2006 and after, borrowers will, during repayment period, pay a fixed interest rate of 6.8%. Maximum awards are $8,500 for graduate/professional students and $5,500 for undergraduates.

FEDERAL UNSUBSIDIZED STAFFORD LOAN

Any student enrolled on at least a half-time basis may apply. Applicants must apply for subsidized Stafford Loan first and may receive both subsidized and unsubsidized Stafford. Loan limits are the same as the subsidized Federal Stafford Loan limits except that the borrower's eligibility for an unsubsidized loan will be reduced by the amount of any subsidized loan received for the same period of enrollment. Interest is payable by the student from date of disbursement, or borrower may agree to let interest accrue quarterly. Repayment of the loan begins six months following graduation or less than half-time enrollment. For loans disbursed July 1, 2006 and after, the interest rate on the loan will be a fixed rate of 6.8%