Student Loans
Federal Unsubsidized Stafford Loan
- Not based on financial need
- Borrowers are responsible for interest beginning immediately upon disbursement, although most students defer principal and interest payments until they leave school or drop below half-time enrollment
- Interest accrues during deferment and the six-month grace period prior to repayment
- Interest rates are set periodically by the Federal Government. Currently for Federal Stafford Loans taken out after 7/1/07 the interest rate is fixed at 6.8%.
- Freshmen may borrow up to $3,500
- Sophomores - up to $4,500
- Juniors - up to $5,500
- Seniors - up to $5,500
- Each year of graduate school - up to $8,500
- Aggregate total undergraduate - $23,000
Independent students may be eligible to borrow additional unsubsidized amounts. And dependent students may be eligible for additional Unsubsidized Stafford Loan amounts if their parents aren't eligible for PLUS loans. The borrowing limits for additional amounts are:
- First-and second-year students - up to $4,000 each year
- Each remaining undergraduate year - up to $5,000
- Each year of graduate school - up to $12,000
