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The Federal Stafford Loans are federal loans for undergraduate, graduate, Boonshoft School of Medicine and School of Professional Psychology students. Student applicants must meet eligibility requirements to receive federal student aid and meet satisfactory academic progress requirements. The Federal Stafford Loans are a form of aid that must be repaid by the student borrower. Federal Stafford Loans are either subsidized or unsubsidized.
Subsidized vs. Unsubsidized
A subsidized loan is awarded based on financial need. The borrower will not be charged interest before repayment begins or during deferment periods. The federal government "subsidizes" (pays) the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. The borrower will be charged interest from the time the loan is disbursed until it is paid in full by the borrower. If the borrower chooses not to make interest payments and allows the interest to accrue (accumulate) while in-school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount borrowed and additional interest will be based on that higher amount.
Federal Stafford Loans Overview |
| How to Apply |
- Student must complete the Free Application for Federal Student Aid (FAFSA).
- Once the student receives an Award Notice, the student must accept the Federal Stafford Loan(s) via WINGS Express in accordance with the instructions provided on the online Award Notice.
- After accepting the Federal Stafford Loan(s), the student must complete the additional requirements for Federal Family Education
Loan Program (FFELP) Loans as detailed on our Loan Processing page.
|
| Interest Rate |
- Subsidized Stafford Loans for Undergraduates: 5.6% fixed
- Subsidized Stafford Loans for Graduates: 6.8% fixed
- Unsubsidized Stafford Loans: 6.8% fixed
|
| Additional Loan Fees |
- Origination Fee: 0.5%
- Default Fee: 1%
NOTE: The lender you select may waive these fees. Visit our Lender List page for more information. |
| Credit Requirements |
None |
| Annual Loan Maximums |
See Federal Stafford Loan Annual Limits. |
| Aggregate Loan Maximum |
See Federal Stafford Loan Aggregate Limits. |
| Enrollment Requirement |
Student must be enrolled at least half-time (at least 6 undergraduate credit hours for undergraduates and at least 4 graduate credit hours for graduate, Boonshoft School of Medicine and School of Professional Psychology students). |
| Disbursement |
For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Stafford Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund. |
| Grace Period |
6 months |
| Minimum Monthly Payment |
$50 |
| Maximum Repayment Period |
10 years. 25 years for borrowers whose first loan was made on/after October 7, 1998 with a balance at or above $30,000. |
| Deferment/Forbearance |
A Federal Stafford Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances.* |
| Federal Loan Consolidation |
Available under certain circumstances.* |
| *Contact Great Lakes Educational Loan Services or your loan servicer for more information. |
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Federal Stafford Loan Annual Limits
|
| Student Classification |
Dependent Students |
Independent Students (and dependent students whose parents have been declined a Federal Parent PLUS Loan due to adverse credit history) |
| Freshman (0 to 44 undergraduate credit hours earned/transferred) |
$5,500 (No more than $3,500 of this amount may be in subsidized loans.) |
$9,500 (No more than $3,500 of this amount may be in subsidized loans.) |
| Sophomore (45 to 89 undergraduate credit hours earned/transferred) |
$6,500 (No more than $4,500 of this amount may be in subsidized loans.) |
$10,500 (No more than $4,500 of this amount may be in subsidized loans.) |
| Junior/Senior (90 or more undergraduate credit hours earned/transferred) |
$7,500 (No more than $5,500 of this amount may be in subsidized loans.) |
$12,500 (No more than $5,500 of this amount may be in subsidized loans.) |
Certification Students |
| $12,500 (No more than $5,500 of this amount may be in subsidized loans.) |
Graduate Students |
| $20,500 (No more than $8,500 of this amount may be in subsidized loans.) |
Boonshoft School of Medicine Students |
| $47,167 (No more than $8,500 of this amount may be in subsidized loans.) |
School of Professional Psychology Students |
| For students attending 9 months: |
For students attending 12 months: |
| $33,000 (No more than $8,500 of this amount may be in subsidized loans.) |
$37,167 (No more than $8,500 of this amount may be in subsidized loans.) |
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Federal Stafford Loan Aggregate Limits
Aggregate Stafford Loan Limit by Student Type |
| Undergraduate, Dependent Students |
$31,000 (No more than $23,000 of this amount may be in subsidized loans.) |
| Undergraduate, Independent Students (and undergraduate, dependent students whose parents have been declined a Federal Parent PLUS Loan due to adverse credit history) |
$57,500 (No more than $23,000 of this amount may be in subsidized loans.) |
| Certification Students |
$46,000 (No more than $23,000 of this amount may be in subsidized loans.) |
| Graduate Students |
$138,500 (No more than $65,500 of this amount may be in subsidized loans.) |
| Boonshoft School of Medicine Students |
$224,000 (No more than $65,500 of this amount may be in subsidized loans.) |
| School of Professional Psychology Students |
$224,000 (No more than $65,500 of this amount may be in subsidized loans.) |
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