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The college you attend will ultimately determine how much you are eligible to borrow through the Stafford loan program.
Below are the maximum loan limits1 for each year you are in school.
Subsidized Stafford Loan4
Subsidized Stafford Loans are awarded based on financial need. The government pays the interest
on a Subsidized Stafford loan while you are in school and during some periods of deferment.
A Federal Stafford Subsidized Loan is awarded on the basis of financial need and is available through
the Federal Family Education Loan Program (FFELP). You will not be charged any interest before you begin
repayment or during authorized periods of deferment. The federal government "subsidizes" the interest
during these periods.
Benefits:
- Interest free until six months after you graduate
- Do not have to be repaid until six months after you leave school or drop below half time attendance
- No prepayment penalties
- Repayment time of 10 years
| Year in School |
|
Annual Loan Limit |
| Freshman |
|
$2,625 |
| Sophomore |
|
$3,500 |
| Junior & Senior |
|
$5,500 |
| Graduate & Professional |
|
$8,500
|
Unsubsidized Stafford Loan4
Unsubsidized Stafford Loans accrue interest while you are in school, which you are responsible for repaying. To make things easier, you may choose to defer or delay paying the interest that accrues on an Unsubsidized Stafford Loan until you are out of school or until your deferment period ends, at which time, the interest is added to the principal balance of your loan.
An unsubsidized loan is not awarded on the basis of need and is available through the Federal Family Education Loan Program (FFELP). You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during other periods of nonpayment, it will
be capitalized-that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
Note: If your interest is capitalized, it will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you'll repay less in the long run
Benefits:
- Do not have to be repaid until six months after you leave school or drop below half time attendance
- No prepayment penalties
- Repayment time of 10 years
| Year in School |
|
Dependent Student Annual Loan Limit |
|
Independent Student Annual Loan Limit |
| |
|
(less any subsidized amount) |
|
(less any subsidized amount)3 |
| Freshman |
|
$2,6252 |
|
$6,625 |
| Sophomore |
|
$3,5002 |
|
$7,500 |
| Junior & Senior |
|
$5,5002 |
|
$10,500 |
| Graduate & Professional |
|
N/A |
|
$18,500 |
Stafford Loan Application and Master Promissory Note
Frequently Asked Questions
1Certain health professions students may qualify for higher limits.
2All undergraduate annual loan limits are subject to proration.
3If the borrower does not have financial need for a subsidized Federal Stafford Loan using expected family
contribution (EFC), or has reached the aggregate limit in subsidized Federal Stafford Loans, the borrower may
receive up to and including this entire amount in unsubsidized Federal Stafford Loans assuming he or she has
remaining eligibility for the loan.
4See Stafford Loan Promissory Note for detailed information and restrictions.
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