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Federal Direct Stafford Loans

 

Effective Summer 2009: FSU will process 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.

Note - Effective 2012-2013 - Graduate and Professional students are not eligible to receive Federal Subsidized Stafford Loans

Payment on the principal amount of Federal Subsidizede Stafford Loans 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.

    Note - Effective 2012-2013 - Graduate and Professional students will only be eligible to receive Federal Unsubsidized Stafford Loans.

    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)

Interest on Stafford Loans --

The Interest rate on Federal Stafford Loans is set by the federal government, and is dependent upon the type of loan and when it was (or will be) first disbursed for the loan period. Please see the federal government's site here for additional information.

Eligibility and Application

Undergraduate Annual and Aggregate Limits

Graduate and Professional (Law) Annual and Aggregate Limits

Medical Annual and Aggregate Limits

 

 

 

last updated March 26, 2010