The Federal Stafford Loan Program consists of subsidized and unsubsidized loans. Repayment of these loans may be deferred while you are attending the university on a half-time or full-time basis.
The subsidized loan is awarded according to demonstrated financial need. Interest is paid by the federal government as long as you are enrolled at least half-time at the university and during your six month grace period. Repayment of the loan begins at the end of the six month grace period after leaving school or dropping below half-time.
The unsubsidized loan is awarded regardless of demonstrated need. Interest begins accruing from the date of disbursement. By making interest payments while in school, capitalization of the interest can be avoided. When interest is capitalized, it is added to the principal amount of the loan upon which further interest charges are based.
Stafford Loan Limits:
Dependent undergraduate students enrolled in a degree-seeking program may borrow per year up to:
Independent undergraduate students and dependent students whose parents have been denied access to a Federal PLUS Loan may borrow per year up to:
Graduate students are generally allowed to borrow up to $20,500 each academic year of which $8,500 may be in subsidized loans.
|
Academic Year |
Subsidized Rates |
Unsubsidized/Graduate Rates |
|
2009-10 |
5.60% |
6.80% |
| 2010-11 |
4.50% |
6.80% |
| 2011-12 |
3.40% |
6.80% |
| 2012-13 |
6.80% |
6.80% |
Current Stafford Loan interest rates in effect from 07/01/2009 to 06/30/2010
Finish the Application Process:
ACU's Preferred Stafford Lender List: All the lenders on this list offer the same interest rate which is regulated by the federal government. The difference is that each lender offers their own repayment incentives. You may visit each lender's website to make an informed decision.
The Last Steps:
Stafford Loan Exit Counseling: Each student who ceases to be enrolled at least half-time must complete exit counseling. Exit counseling will explain the seriousness of repayment of the loan, consequences of default, available repayment options, deferment or forbearance options, and will gather current and expected contact information. A transcript hold will be placed on each student's account until confirmation of completed exit counseling has been received. Click on the following link to complete Stafford Exit Counseling.
Avoid Default: Please keep your address current with your lender. Be proactive. Contact your lender with any questions you have about repayment, forbearance, or deferment. Learn more about managing your loans and finances here.
