Stafford Loans

Students enrolled at least half-time at an accredited university or college may be eligible to borrow Federal Stafford loan funding to help cover the cost of their education.

There are two types of Stafford loan funding - Subsidized and Unsubsidized. As of 7/1/09, Undergraduate Subsidized loans have a fixed rate of 5.6%. Graduate level Stafford loans (Subsidized and Unsubsidized) and Undergraduate Unsubsidized loans have a fixed rate of 6.8%.

Undergraduate Subsidized loans disbursed between 7/1/08 – 6/30/09 have a fixed rate of 6.0%. Graduate level Stafford loans (Subsidized and Unsubsidized) and Undergraduate Unsubsidized loans disbursed during this period have a fixed rate of 6.8%.

Undergraduate and Graduate Stafford Subsidized and Unsubsidized loans disbursed between 7/1/06 - 6/30/08 have a fixed interest rate of 6.8%.

Additional information about each type is listed below.

Subsidized Stafford
Federal Subsidized Stafford Loans are offered to dependent or independent undergraduate and graduate students who demonstrate financial need. Eligibility is determined by the financial aid office and, your financial aid award package will tell you how much Subsidized funds you qualify for.

While you’re in school and during periods of deferment, the government pays the interest on Subsidized Stafford Loans.

Unsubsidized Stafford
Federal Unsubsidized Stafford Loans are also awarded to dependent or independent undergraduate and graduate students. Unsubsidized loans are not awarded on the basis of need.

You will be charged interest while in school. You may choose to pay the interest or allow it to accrue. In the case of accrual, the interest will be capitalized (added to the principal amount of your loan). In the long run, capitalizing the interest increases the amount of money you will repay.

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