Federal Direct Stafford Loans
Effective Summer 2009: FSU will be processing all Stafford and PLUS loans through the Federal Direct Loan funding process.
Federal Stafford loans are guaranteed student loans, made available to eligible students through the Federal Family Direct Stafford Loan Program.
There are two types of Stafford Loans, Subsidized and Unsubsidized Stafford.
The Federal Subsidized Stafford Loan is a need-based loan. Interest is not charged to the student during periods of enrollment for the Federal Subsidized Stafford Loan.
Payment on the principal amount does not start until the student graduates, or drops below half-time enrollment for more than 6 months.
The amount of loan that a student qualifies is determined based on:
- the school's cost of attendance
- the expected family contribution from the FAFSA
- the amount of other financial aid that the student is receiving
- student's class level (annual limits apply)
- total Stafford borrowing level to date (aggregate limits apply)
The Federal Unsubsidized Stafford Loan is not need-based, which means that eligible students who may not qualify for need-based grants or loans(including the Federal Subsidized Stafford Loan), can qualify for the Unsubsidized Stafford Loan. Interest on the Federal Unsubsidized Stafford Loan is charged to the student from the date of disbursement on the Federal Unsubsidized Loan, but the payment on the principal amount does not start until the student graduates, or drops below half-time enrollment for more than 6 months.
The amount of loan that a student qualifies for is determined based on:
- the school's cost of attendance
- the expected family contribution from the FAFSA
- the amount of other financial aid that the student is receiving
- student's class level (annual limits apply)
- total Stafford borrowing level to date (aggregate limits apply)
Information below is for all loans disbursed on or after July 1, 2009
(for loans disbursed between July 1, 2008-June 30, 2009 see below) |
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Federal Subsidized Stafford Loan |
Federal Unsubsidized Stafford Loan |
Interest Rate |
5.6% for undergraduate borrowers;
6.8% for graduate borrowers
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6.8% for all borrowers |
Fees |
2.0 %
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Benefits |
1.5% up-front rebate if you make first 12 payments on time
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Repayment |
6 month grace period from graduation or date that students drops below half-time status |
6 month grace period on principal payments from graduation or date that students drops below half-time status |
Deferment |
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Eligibility and Application
Undergraduate Annual and Aggregate Limits
Graduate and Professional (Law) Annual and Aggregate Limits
Medical Annual and Aggregate Limits
last updated March 23, 2009
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