Federal Direct Subsidized Stafford Loan
Students who are first-time borrowers of the Federal Direct Stafford Loans, must complete an electronic Master Promissory Note (MPN) and on-line Entrance Loan Counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.
Lender |
Federal Government |
|---|---|
Interest Rate - Undergraduate Students |
Fixed at 6.8% for loans received July 1, 2006 - June 30, 2008 Fixed at 6.0% for loans received July 1, 2008 - June 30, 2009 Fixed at 5.6% for loans received July 1, 2009 - June 30, 2010 Fixed at 4.8% for loans received July 1, 2010 - June 30, 2011 Fixed at 3.4% for loans received July 1, 2011 - June 30, 2012 |
Interest Rate - Graduate Students |
Fixed at 6.8% (for loans received after July 1, 2006) |
Interest Free in School |
Yes |
2.0% for loans received July 1, 2008 - June 30, 2009 1.5% for loans received July 1, 2009 - June 30, 2010 1.0% for loans received after July 1, 2010 |
|
1.0% for loans received after June 30, 2009 1.5% for loans received prior to July 1, 2009 |
|
Annual Maximums |
$3,500 freshman (0-29 earned hours) $4,500 sophomore (30-59 earned hours) $5,500 junior and senior (60+ earned hours) $8,500 graduate and professional |
Cumulative Maximums |
$23,000 undergraduate $65,500 graduate (includes amount borrowed as undergraduate) |
Grace Period |
6 Months |
Standard Repayment Period |
Up to 10 years (additional repayment options beyond 10 years may be available) |
Minimum Payment |
$50 per month |
Additional information is available on the Federal Student Aid web site.