Financial Aid

Letter from the Director

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How To Apply
-Student Eligibility
-Dependency Status
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Types of Financial Aid
-Scholarships
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-Stafford Loans

-Stafford Loan MPN

-PLUS Loan

-Alternative Loans
-Entrance & Exit Interviews

-Choosing a Loan Lender

-Applying for a Stafford Loan
-Campus Based Programs
-Additional Sources of Aid

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Important Terms

Important Financial Aid Numbers

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Staff

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Stafford Loans are the Department’s major form of self-help aid. Under the Stafford Loan Program, the funds from your loan are lent to you from a bank, credit union, or other lender that participates in the Stafford Loan (FFEL) Program.  Stafford Loans have a fixed interest rate of 6.8%. 

Stafford Loans are either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period. A subsidized loan is awarded on the basis of financial need. 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.  An unsubsidized loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, 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.  You can choose to pay the interest while you are attending school.  The Office of Financial Aid recommends this option. 

NOTE: You must be enrolled at least half-time (6) credits in order to borrow Stafford loan funds.

HOW MUCH CAN I BORROW ?

If you’re a dependent undergraduate student you can borrow up to:

$3,500 if you’re a first-year student enrolled in a program of study that is at least a full academic year.

$4,500 if you’ve completed at least 30 credits and the remainder of your program is at least a full academic year.

If you’re an independent undergraduate student or a dependent student whose parents are unable to get a PLUS Loan, you may be eligible to borrow an additional $4000 in unsubsidized Stafford loan. 

Generally, the total debt you can have outstanding from all Stafford Loans combined is $23,000 as a dependent undergraduate student.  $46,000 as an independent undergraduate student (only $23,000 of this amount may be in subsidized loans). 

WHEN DO I PAY BACK THESE LOANS ?

After you graduate, leave school, or drop below half-time enrollment (6 credits), you have six months before you begin repayment (you may have longer than six months if you are on active duty with the military). This is called a “grace period.”  During the grace period on a subsidized loan, you will not have to pay any principal, and no interest will be charged. During the grace period on an unsubsidized loan, you will not have to pay any principal, but interest will be charged. You can either pay the interest or it will be capitalized.  After you leave school or drop below half time enrollment, you’ll receive information about repayment and will be notified of the date repayment begins. However, you are responsible for beginning repayment on time, even if you don’t receive this information from your lender.

Click the link below for more information.

Applying for a Stafford Loan

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Comments and questions about this page can be directed to the Office of Financial Aid.

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