Federal Stafford Loan
All students are eligible to receive Federal Stafford Loans. Need-based Federal Stafford Loans are called “subsidized” because the federal government pays the interest while in school and during deferment periods. Unsubsidized Federal Stafford Loans are not based on financial need, and students are responsible for paying the interest while in school and during deferment periods. A student may have a Federal Stafford Loan partly based on financial need and partly not on need up to the annual maximum. The maximum loan is $3,500 per year for freshmen; $4,500 per year for sophomores; $5,500 per year for juniors and seniors. Independent students and dependent students whose parents do not qualify for FPLUS loans (see below) may also apply for additional unsubsidized Stafford Loans in the following amounts: $6,000.00 for Freshmen/Sophomores; $7,000.00 for Juniors/Seniors; and $20,500.00 for graduate students. Repayment begins six (6) months after graduating or ceasing to maintain at least half-time enrollment. The interest rate varies depending on when the first loan was borrowed, but does not exceed 8.25%.