Federal Stafford Loan
These student loans are available to those who need assistance to meet the cost of a college education.
Under the provisions of this program, qualified students may borrow under the following annual loan limits:
$ 3,500 Freshmen
$ 4,500 Sophomores
$ 5,500 Juniors and Seniors
Additional lifetime aggregate borrowing amounts apply. Contact the Financial Aid office for further information.
The subsidized Stafford Loan interest rate for borrowers in 2008-2009 is a fixed rate of 6.0%. The unsubsidized Stafford Loan interest rate for borrowers in 2008-2009 is a fixed rate of 6.8%. An origination fee may be charged on loans by the guaranty agency. The federal government will pay the interest on subsidized Stafford Loans while the borrower is enrolled at least half-time. Repayment of the loan usually begins six months after the student leaves the College, with a minimum repayment of $50 per month plus interest.
Effective July 1, 2008 any student who is eligible for a Stafford Loan may borrow an additional $2,000 in unsubsidized Stafford Loan per year up to a maximum of $8,000.