Stafford Loans

Beginning July 1, 2006, interest rates on Stafford Loans are fixed at a 6.80% for the life of the loan.

Repayment begins after the grace period (six months after you graduate, withdraw or drop below half-time), when you become responsible for making principal and interest payments.

To Qualify:

• You must be enrolled at least half-time
• Must maintain Satisfactory Academic Progress according to the standards of the school
• You must be a U.S. legal citizen or permanent resident alien

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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