Stafford Loans
Eligibility for federal loans is determined based on information contained in the student's Student Aid Report (SAR), which is a product of the FAFSA. Fundamentals for eligibility are:
- Enrollment in an eligible school at least half-time
- U.S. citizen, national, permanent resident or eligible non-citizen status
- Satisfaction of Selective Service requirements
- No unresolved defaults or overpayments owing on Title IV educational loans and grants
Stafford Loans carry a fixed interest rate capped at 8.25%.
Subsidized Stafford Loans
Qualified students demonstrating financial need may borrow a maximum of $8,500 per academic year (two semesters) up to a combined graduate and undergraduate aggregate limit of $65,500. The government pays interest on the loan while the student is enrolled at least half-time and during the six- month grace period after enrollment ceases.
Unsubsidized Stafford Loans
Qualified students may borrow a maximum of $20,500 per academic year (two semesters) minus any eligibility established for the Subsidized Stafford Loan. Interest accrues over the life of the loan and, together with the principal, can be deferred until the student ceases to be enrolled at least half-time and the grace period expires.
Graduate Plus
This credit-based federally sponsored education loan is set at a fixed interest rate. It can be used to finance up to 100% of a student's education, less other financial aid received, i.e. federal Stafford loans.
