Federal
Stafford Loans are low interest loans available to students
attending eligible schools at least half-time. The interest rate
is adjusted annually and is capped never to exceed 8.25%. The
Stafford Loan rate in effect from July 1, 2004 through June 30,
2005 is just 2.77% in school and 3.37% in repayment. Student
Loan Funding offers money saving benefits on Stafford loans to
reward and encourage timely payment.
As a Stafford loan borrower, you do not have to begin repaying the
loan until six months after you leave school. If you are eligible
for need-based aid, a portion of the Stafford loan is subsidized
and does not accrue interest until six months after you leave
school.
Maximum amounts you can borrow through Stafford Loans are as
follows:
|
FEDERAL STAFFORD - SUBSIDIZED |
|
|
Year 1: |
$2,625 |
|
Year 2: |
$3,500 |
|
Years 3 - 5: |
$5,500 |
|
Graduate and Professional Students: |
$8,500 |
|
FEDERAL STAFFORD - UNSUBSIDIZED |
|
|
Dependent Students |
|
|
Year 1: |
$2,625 (less subsidized amount received) |
|
Year 2: |
$3,500 (less subsidized amount received |
|
Years 3 - 5: |
$5,500 (less subsidized amount received |
|
Independent Students |
|
|
Year 1: |
$6,625 (less subsidized amount received) |
|
Year 2: |
$7,500 (less subsidized amount received) |
|
Years 3 - 5: |
$10,500 (less subsidized amount received) |
|
Graduate and Professional: |
$18,500 (less subsidized amount received) |
|
Students in health-related fields may be eligible for additional funds. |
|
How do I apply?
The first step toward receiving a Federal Stafford Loan is
completing the FASFA. Then contact the financial aid office at the
college you attend and tell them that you would like a Stafford
Loan from Student Loan Funding, Lender ID 831455. Typically your
school will initiate the application and provide you with
instructions on how to complete the process.