Graduate School Loans > Federal Stafford Loans
Federal Stafford Loans
- For Graduate Students
- Fixed interest rate of 6.8%
- 1% Fee
- For more information, contact your school
Federal Stafford Loans
If grants, scholarships and savings are not enough to cover your cost of attending school Annual cost of attending a specific school, including tuition, fees, room and board, books and supplies, transportation and personal expenses. This amount is determined by your school. , loans can bridge the gap. We recommend starting with a Federal Stafford Loan before applying for a Federal Grad PLUS Loan or Certified Private Loan .
Why choose a Stafford Loan?
- Stafford loans are available to most graduate students, and no credit check Lenders contact Credit Bureaus (Equifax, Experian, TransUnion) who have tracked your credit history (e.g. credit cards, loans) to determine whether you have been diligent in your repayment of debts. is required
- Stafford loans have lower interest rates than PLUS loans and have more repayment options than private loans
What are the loan terms?
- Fixed interest rates – 6.8% ( subsidized Based on financial need, the government agrees to cover the cost of the loan interest while the student is in school. and unsubsidized The student, as opposed to the government, is fully responsible for paying the loan interest, though payment can be deferred until after graduation. loans) for 2010-2011
- 1% fee
- Deferred payments – No payments due until 6 months after you graduate or enroll in school less than half-time
- Flexible repayment options – 10-year standard repayment term (may be extended up to 25 years)
How much can you borrow?
- Annual loan limit for graduate students is $20,500 (up to $8,500 may be subsidized)
- Certain programs for health professions may qualify for higher loan limits (see your financial aid office for exact amounts)
- We suggest borrowing up to your annual loan limit with a Federal Stafford Loan
- If you need more money, consider Federal Grad PLUS Loans or Certified Private Loans to cover any remaining costs
Who is eligible?
-
Graduate students who are US citizens or
eligible non-citizens
Non-citizens Eligible for Federal Stafford Loans and Federal PLUS Loans:
- US permanent residents with an I-151, I-151C, or I-551 card
- Victims of human trafficking with a T visa (T-2, T-3, or T-4, etc.)
- Holders of an I-94 Arrived-Departure Record from US Citizenship & Immigration Services (USCIS) with any of the following designations: "Asylum Granted," "Conditional Entrant" (if issued before April 1, 1980), "Cuban-Haitian Entrant," "Status Pending," "Refugee," "Parolee" (if paroled in the US for at least 1 year with the intention to become a US citizen or permanent resident and evidence not in the US for temporary purposes)
- Recipients of Notice of Approval to Apply for Permanent Residence (I-171 or I-464)
- Holders of a student visa (F1 or F2) or exchange visitor visa (J1 or J2)
- Members of international organizations with G visas
Please refer to the Federal Student Aid Web site for the most current information:
http://studentaid.ed.gov/PORTALSWebApp/students/english/
aideligibility.jsp - Graduate students who are enrolled at least half-time
- No credit check and no cosigner required
How to Get a Federal Stafford Loan
You must complete the Free Application for Federal Student Aid ( FAFSA A form to be filled out annually by current and anticipating students (and their parents) in the US to determine eligibility for federal student aid (including Stafford and PLUS loans, Pell grants and work-study programs). In addition, many states and schools use information from the FAFSA to award nonfederal aid. ) at fafsa.ed.gov each year. For more information, contact your school.
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