FEDERAL SUBSIDIZED & UNSUBSIDIZED STAFFORD LOANS

Federal Perkins Loan | Federal Stafford Loan
Federal Parent Loan (PLUS)

These loans are received through a partnership with local lenders. Students must complete the FAFSA and a Federal Stafford Master Promissory Note to apply.

The maximum annual loan limits may not exceed $3,500 for Freshmen, $4,500 for Sophomores, $5,500 for Juniors and Seniors. Specific eligibility is determined by the Financial Aid Office and is indicated on the Award Letter.

While the student is enrolled at least half-time in a post secondary school, interest on a Federal Subsidized Stafford loan in 0%. Once the student withdraws, graduates, or drops to less than half-time status, the variable interest rate will not exceed 8.25%.

Students who don’t qualify for a Federal Subsidized Stafford Loan, may qualify for the Federal Unsubsidized Stafford Loan. The main difference between the two loans is that the government does not pay the interest on the Unsubsidized Stafford while the student is enrolled in school. Effective July 1, 2007 the in-school interest rate for the Unsubsidized Stafford is 6.8%. Like the Federal Subsidized Stafford Loan, a student’s annual variable interest rate will not exceed 8.25% when in repayment.