Student Loan Information
What is a student loan?
A student loan is a low-interest loan that a student obtains while enrolled in school. Student loans must be repaid
by the borrower, and the repayment period typically begins six months after the student graduates or ceases enrollment. The
Department of Student Financial Assistance advises all students to borrow only what
is absolutely necessary to pay college expenses.
There are two types of Federal Stafford Student loans:
The total amount of Federal Stafford Student loan that a student can receive per academic year and aggregately are based on many factors:
- Need (as determined from information submitted on FAFSA and other resources)
- Budget (as determined by cost of attendance, residency, dependency status)
- Dependency Status (dependent or independent per info on FAFSA)
- Classification (freshmen, sophomore, junior, senior, graduate)
- Student Level (undergraduate, graduate)
Loan limits reflect the gross amount a student is eligible to be awarded. This gross
amount is reduced by an origination fee charged by the Department of Education, resulting in the actual net amount received
by the student.
Students may access the National Student Loan Database System (NSLDS) to check their total amount of loans borrowed. An FSA ID is required to access such information.
NEW! Federal Direct Subsidized Loans disbursed on or after July 1, 2012 are no longer eligible to receive the interest subsidy during grace period.
Note: Effective for loans made on or after July 1, 2012 and before July 1, 2014, the interest subsidy during the six month grace period has been eliminated. The repayment period still begins 6 months after the student is no longer enrolled at least half-time, however, the interest that accrues will be payable by the student rather than the federal government.
NEW! Beginning July 1, 2012 Graduate students will only be eligible to receive Unsubsidized Stafford Loans.
"Unsubsidized" means a student is responsible for paying the interest from the time the loan is disbursed. While enrolled in school at least 1/2 time, a student can defer interest payments and capitalize the interest.
"Capitalization" is the process by which interest is added to the loan balance, increasing the loan's size and cost. To reduce the cost of borrowing, consider making interest payments while in school.
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