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Federal Unsubsidized Stafford Loan

DESCRIPTION

Federal Stafford loans are the most widely available loan program. A bank loan insured by the federal government, Stafford loans feature a low interest rate that is capped over the repayment period; payments that are not due until six months after graduation; maximum borrowing limits. Students who demonstrate financial need can receive subsidized Stafford loans. Generally, and to be used as a benchmark, keep in mind that a $10,000 Federal Stafford loan borrowed at 8 percent over ten years will cost about $121 per month. For those students the government may pay the interest that accrues on the loan while the student is in school.

WHO MAY APPLY?

Same as Subsidized Stafford Loan (U.S. Citizens, nationals, or permanent residents enrolled as regular students in an eligible program).

TYPE OF ASSISTANCE

Loan: same as Subsidized Stafford Loan, however interest begins accruing immediately and must be repaid or capitalized, and there is no grace period. An annual maximum of $10,500 (Sub & Unsub) with an aggregate of $46,000.

HOW TO APPLY

Same as Subsidized Stafford Loan (file a FAFSA and complete the "Application and Promissory Note" for the loan).

LOAN DEADLINE INFORMATION

Federal regulation prohibits loan certification after a student's last day of classes. In order to ensure that the office will be able to certify a loan request prior to the federal deadline, we must have received all Stafford Loan applications at least one calendar week prior to the student's last day of classes for the academic year. We will not accept applications arriving later than that.

More information is available in the Stafford loan section.