Federal Stafford Loans for College Students

Federal Stafford Loans have low interest rates. And you won’t have to make any payments while you are enrolled in school at least half-time.

There are two kinds of Federal Stafford loans:

The Subsidized Stafford – The government pays the interest that accrues while you are enrolled in school at least half-time. You are eligible for this type of loan based on your financial need.

The Unsubsidized Stafford – You are responsible for paying all the interest that accrues, although you will not have to begin payments until after you graduate or enroll in school less than half-time. You are eligible for this type of loan regardless of financial need.

  • 5.6% fixed (subsidized loans)
    6.8% fixed (unsubsidized loans)
  • 0.25% repayment interest rate reduction when payments are set up for automatic debit from a bank account
  • 0.5% origination fee
  • 1% default fee (waived if paid by guarantor)
  • Zero prepayment fees
  • Zero payments until 6 months after graduation or enrollment in school less than half-time
  • 10 to 25 year repayment period
  • Loan limits for dependent students:
    1st Year – $5,500
    2nd Year – $6,500
    3rd Year – $7,500
    4th Year – $7,500
  • Loan limits for independent students:
    1st Year – $9,500
    2nd Year – $10,500
    3rd Year – $12,500
    4th Year – $12,500

Eligibility criteria are determined by the federal government and include:

  • You must be a U.S. citizen, a permanent resident or an eligible non-resident
  • You must be enrolled at a school that participates in the Federal Family Education Loan Program (FFELP)
  • You must be in good standing on your other education loans and grants

There is no credit check and a cosigner is not required

  • Determine the amount you want to borrow
  • Have your Social Security number, driver’s license, two references, and FSA PIN ready *
  • Click the Apply Now button and follow the instructions to complete your application

You can check your loan status online at any time.
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* If you do not have a FSA PIN, you can obtain one at the Federal Student Aid website, pin.ed.gov.