Current Students

Stafford Loans

Federal Stafford Loans are low-interest, federally subsidized loans made available to eligible students to assist in paying educational expenses. Stafford funds come directly to the school from the Department of  Education. Before applying for a Stafford Loan, you should first consider other forms of aid such as savings, family assistance, part-time employment, grants, scholarships, and awards.

Eligibility
In addition to meeting the general federal requirements, you must: 

* Be admitted to an AB degree-seeking program for a current or future enrollment period during the academic  year.
* Be enrolled at least half-time during the entire period of your loan. If you withdraw during the semester, you will forfeit your remaining eligibility and may have to return some funds received. These hours cannot include audit hours or noncredit courses.
 * Apply by completing the FAFSA.
 * Not have borrowed in excess of the annual (or aggregate) loan limits.
 * Make certain that loan eligibility is determined and awarded before your last day of eligible enrollment.

Entrance Counseling
If this is your first Stafford Loan, you must complete an Entrance Counseling interview before any Stafford Loan funds can be credited to your student account through Electronic Funds Transfer (EFT).

Avoiding Overawards
You cannot receive a loan in excess of your cost of attendance. You will be asked to disclose all sources of financial aid, including scholarships, grants, loans, etc. If your loan, in combination with this other aid, exceeds your need, we may have to reduce the loan. If you have already picked up the check, you may be required to repay part of the loan immediately. If you are receiving your first federal loan, you must complete entrance counseling before receiving your first disbursement.

Interest and Fees
The Stafford Loan has a 0.5% fee. The interest rate on federal subsidized and unsubsidized Stafford Loans is a fixed rate set by the government for loans disbursed after July 1, 2006. For loans disbursed before July 1, 2006 the interest rate is variable and capped at 8.5%.

The government pays the interest on the Subsidized Loan while the student is in school and during the 6-month grace period.  On the Unsubsidized Loan, the interest accrues while the student is in-school and during the 6-month grace period. There is also a difference in interest rates between the Subsidized and Unsubsidized Stafford Loan. For 2010-2011, the interest rate on the Subsidized Stafford Loan is 4.5%. The interest rate on the Unsubsidized  Stafford Loan is 6.8%.

For more information on the Stafford Loan, go to www.studentloans.gov  

 
Check Delivery
If your Stafford Loan disbursement is greater than your current charges for tuition, fees, and on-campus housing, you may request a refund check in the Business Office. If the student's refund request was received by 11 a.m. Wednesday, and the students' financial aid has been completed and the student was eligible for a refund, refund checks would be available in the student's campus box at 2 p.m. on Fridays. See Frequently Asked Questions for more information.

Annual Stafford Loan Limits 

  Dependent Students    Independent Students   
Stafford Loan Eligibility Limits Maximum Subsidized Stafford Maximum + VA Subsidized Stafford  Maximum Subsidized Stafford Maximum Subsidized + Unsubsidized Stafford 
First Year (0-29 credits) $3,500  $5,500 $3,500 $9,500
Second Year (30-59 credits)  $4,500  $6,500  $4,500  $11,500 
Third/Fourth Year (60+ credits)  $5,500  $7,500  $5,500  $12,500 
Graduates     $8,500  $20,500

Aggregate Stafford Loan Limits 

 Type Amount
Undergraduate Subsidized Limit $23,000 
Undergraduate Combined Limit for dependent students $31,000 
Undergraduate Combined Limit for independent students $57,500
Graduate Subsidized Limit (including all undergraduate loans) $65,500 
Graduate Combined Limit (including all undergraduate loans)  $138,500

To Apply
See the Application Checklist.