Descriptions
Federal Direct Stafford Loan
A low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter (see chart below).
Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment.
Annual Federal Stafford Loan Limits
| Grade | Dependent Students | Independent Students |
|---|---|---|
| Freshman (0-31 credits) |
$5,500 | $9,500 |
| Sophomore (32-63 credits) |
$6,500 | $10,500 |
| Junior/Senior (64+ credits) |
$7,500 | $12,500 |
Note: A 1.0% origination fee will be deducted from each disbursement of Stafford Loan funds. The difference will be reflected on your tuition bill. Loan limits include both Subsidized and Unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.
Direct Subsidized Stafford Loan
Students must have financial need to qualify for this loan. The interest rate has been reduced from a 6.8% to 3.4% fixed interest rate for the upcoming academic year. The federal government pays the interest while the student is enrolled at least half-time and during deferment periods.
Direct Unsubsidized Stafford Loan
Students are not required to have financial need to qualify for this loan. The interest rate is fixed at 6.8%. Students are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.
Master Promissory Note (MPN) & Entrance Counseling
In order to receive your Federal Direct Stafford Loan funds, you must complete the Master Promissory Note (MPN) and Entrance Counseling requirements.
