Stafford Loan Eligibility
Stafford loans are available to students who are any of the following:
- Full-time
- Part-time
- Graduate
- Undergraduate
You must be a US citizen, national, permanent resident, or have other special status. In addition, you must be enrolled at least half-time at an eligible institution.
Stafford Loan Highlights
Borrowers who use Stafford Loans may enjoy:
- No credit check needed
- Flexible repayment options (including consolidation)
- No prepayment penalty
- Loan forgiveness for some teachers
Details on Stafford Loans
If you’ll use a Stafford Loan, be aware of the following:
- You pay a fee (but it may be covered by your lender)
- You must repay the loan
- Loans issued after July 2006 have a fixed 6.8% APR
- Interest may be subsidized if you can demonstrate need
- Interest may be capitalized (added to the back of the loan) if you decide not to pay while in school
How to Get a Stafford Loan
To get the ball rolling, you’ll need to:
- Complete the FAFSA process
- Choose a lender – ask your Financial Aid office for suggestions
How Much Can I Borrow?
The maximum loan depends on your status and can range from $2625 to $18500. Ask your Financial Aid office for details. In general “independent” (or self-supporting) students and graduate students can borrow the most.
For Additional Information
Your Financial Aid office is really the best place to go with questions. You can also visit:
- The Department of Education’s loan page (where you can view the Student Guide)
- The Federal Student Aid Direct Loans site
