Types of Loans

Stafford Loans

Stafford Loans have variable interest rates. The loans will be either subsidized or unsubsidized.

Subsidized- This loan is awarded on the basis of financial need. The student does not make any payments nor pay interest while enrolled at least half time; the federal government “subsidizes” the interest during this period of enrollment. Interest charges and repayment of principal begin six months after the student leaves school or drops below half-time enrollment. The interest rate is variable and is capped at 8.25%.

Unsubsidized-This loan is not based on financial need. The student is responsible for the interest from the date of disbursement. Interest payments may be made in installments or allowed to accrue and be added to principal (capitalized). Repayment begins six months after the student leaves school or drops below half-time enrollment. The interest rate is variable and is capped at 8.25%

For information on Stafford Loan limits click here.

2007-2008 Stafford Student Loan Application

2008-2009 Stafford Student Loan Application