Financial aid eligibility for federal student loans is based on the results of your FAFSA, your graduate degree program, and your anticipated enrollment status (a minimum of 6 credits is required each semester).
To accept the Stafford Loan, please click here.
All borrowers, please read through all of the Stafford loan information below. Under the William D. Ford Federal Direct Loan Program (Direct Loan), the funds for your loan come directly from the federal government.
Federal Stafford Loans do not require a credit check, and include benefits such
as a fixed interest rate, six month grace period, and deferment options to help
you succeed in repayment. The loan limit is $20,500 per year of graduate
school. *Beginning July 1, 2012, the subsidized Stafford loan will no longer be
available to graduate students! For details pertaining to this federal student
loan change, please click here. Subsidized Stafford loans disbursed before
July 1, 2012, will retain their subsidy, per the original terms and conditions.
Stafford loans disbursed as of July 1, 2006, have a fixed interest rate of 6.8%.
Please note that you must have completed a FAFSA and received a Student Aid
Award Letter from the Office of Student Finance before you can accept your
Annual Limits:The annual Stafford loan limit for graduate students is $20,500. Depending on eligibility (based on financial need), $8,500 of this annual amount may be subsidized.
Typical Stafford loan breakdown for students who demonstrate financial need:
$ 8,500 subsidized - only applies to loans disbursed before July 1, 2012.$12,000 unsubsidized$20,500 Stafford total
Students who demonstrate less financial need may receive less subsidized and more unsubsidized, and students demonstrating no financial need may only be eligible for $20,500 unsubsidized.
* Note: As of July 1, 2012, graduate students will no longer be eligible for subsidized loans as per the Budget Control Act of 2011.
Aggregate Limit: The aggregate Stafford loan limit for graduate students is $138,500. No more than $65,500 of this total may constitute subsidized loans.
Fixed at 6.8%.
Federal Stafford loans borrowed on or after 7/1/06 have a fixed interest rate of 6.8%. If you have borrowed federal Stafford loans before 7/1/06, remember that these loans will continue to have a variable interest rate.
(Based on figures between 7/1/12 – 6/30/13)
There is a 1.0% origination fee of the amount borrowed.
The entire fee goes to the government to help reduce the cost of the loans.
Example: A $20,500 Stafford loan will net $20,295.
To apply for the graduate PLUS loan, please click here.
All Graduate PLUS borrowers, please read through all of the Graduate PLUS loan information below. Under the William D. Ford Federal Direct Loan Program (Direct Loan), the funds for your loan come directly from the federal government.
To help meet the costs related to funding your education, you may consider applying for a Federal Graduate PLUS loan. The Graduate PLUS loan offers a fixed interest rate, and you to borrow up to the cost of attendance less any other financial aid. A 2012-2013 FAFSA must be filed before you can apply for a Graduate PLUS loan!
Unlike the Federal Stafford loan, the Federal Graduate PLUS loan requires a credit check. To be eligible to borrow the Graduate PLUS loan, your credit report cannot reflect any of the following:
· Currently 90 days of more delinquent on repayment of any debt.
· Debt discharged in bankruptcy during the past five years
· Evidence of a default, foreclosure, tax lien, repossession, wage
garnishment, or write-off of a Title IV debt during the past five years.
If you do not qualify for this loan based on the credit criteria outlined above, you may still receive the loan with an endorser, who will be subject to the same credit criteria.
A 4% fee is deducted from the amount borrowed.
Example: A $15,000 Graduate PLUS loan will net $14,400.
Federal School Code: 002903
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