Amount: Up to $9,500 (FR)
Amount: The Federal Direct Stafford Loan Program may provide the following amounts in combination of Subsidized and Unsubsidized:
- $5,500 for dependent first-year students
$9,500 for independent first-year students
- $6,500 for dependent second-year students
$10,500 for independent second-year students
- $7,500 for dependent students finishing the rest of their program
$12,500 for independent students finishing the rest of their program
The Federal Direct Unsubsidized Stafford Loan is like the Federal Direct Subsidized Stafford Loan in most ways: the amount you may borrow based on class level is the same and the length of repayment is the same. Interest rate again will be determined by the Dept. of Education prior to the beginning of the new school year, usually around July 1st. The main difference is that the government pays the interest on a Federal Direct Subsidized Stafford Loan while the student is enrolled at least half time, but the student will pay the interest on the Federal Direct Unsubsidized Stafford Loan. The Federal Direct Subsidized Stafford Loan is the better loans so if you are eligible for it, always use it first.
All new students who are eligible for a Federal Stafford Loan (even those who do not plan to take it) are required to complete an entrance counseling session. This session will ensure that you understand your responsibilities as a student loan borrower and is required in order to receive the money for your Stafford Loan.
Please complete your session before July 1, 2014.
Download the Stafford Loan Information Form.