Sallie Mae is a trusted student loan company providing college, graduate and undergraduate student loans. Apply for a loan or register for the Sallie Mae scholarship. The College participates in the William D. Ford Federal Direct Loan Program. This program replaces the Federal Stafford Student and Parent Plus Loan programs. Federal Stafford Loan Program. The Federal Stafford Loan Program allows you to borrow money with low interest for educational expenses. Effective July 1, 2010, all.
Stafford Loan Program: What is the Max? Overview. The Federal Stafford Loan is the basic building block of most students. Students using Stafford Loans can typically borrow a significant amount of money regardless of their financial need, for both undergraduate and graduate school programs. The interest rate and terms for Stafford Loans can vary depending on whether the loans are subsidized or unsubsidized. However, in either scenario, they represent one of the best choices for borrowing to pay college costs. Federal Stafford Loan Borrowing Limits. Stafford Loan limits are based on two factors: whether a student is considered a dependent of his parents and his year in school. Stafford Loan Maximum Amounts: Freshman - $3,5. Sophomore - $4,5. Junior or Later - $5,5. Graduate or Professional Degree - $2. Dependent students who were not able to secure a PLUS loan for additional funds can borrow money up to the independent student loan amount. Additionally, there is a lifetime limit on Stafford Loans, currently capped at $1. Subsidized versus Unsubsidized Stafford Loans. A subsidized Stafford Loan is one that the Federal government pays the interest on while a student is still in school. In other words, the loan value has nothing added to its original amount until after you graduate. Subsidized loans are available on the basis of financial need. Students who don. However, they do not have to begin repaying the loan until after they graduate. The amounts of subsidized loans a student can receive are limited to the . For example, the maximum subsidized loan amount for a freshman student would be $3,5. Any additional Stafford Loans received, up to the freshman year maximum of $7,5. For graduate school, the maximum subsidized loan amount is $8,5. Stafford Loan package of $2. Interest Rates and Fees on Federal Stafford Loans. The current interest rate on all Stafford Loans issued after June 3. Starting on July 1, 2. NEW subsidized undergraduate loans ONLY: 2. In addition to the interest paid on a Stafford Loan, there is also a loan fee of 4% of the total loan amount. This fee is partially deducted from each disbursement check, and is expected to decrease each year until it reaches 1% in 2. Repaying Federal Stafford Loans. Repayment of all Stafford Loans begins six months after a student does one of the following: Graduates. Drops- out. Drops below half- time status. During this six- month . Once completed, the Free Application for Federal Student Aid (FAFSA) form is forwarded to your school, who will then inform you of your loan eligibility and lender options. When you accept the loan, you are required to sign a.
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