The Federal Stafford Loan Program
Federal Stafford Loans are awarded to United States citizens or permanent residents who are enrolled in a degree program and are attending school at least halftime (6 credits hour per term). Non degree students (certificate students) and students who are in default on a prior Federal Stafford Loan are not eligible. (Certificate students can seek funding from private loans).
Since July 2012 subsidized federal loans are no longer available to graduate students.
- Unsubsidized Federal Stafford Loan: Students may borrow up to $20,500 annually. The maximum unsubsidized loan granted for the year is calculated as the difference between the student’s cost of attendance and the sum of his institutional grants, outside scholarships and federal work study jobs. The interest rate and repayment terms for unsubsidized loans are identical to the subsidized Federal Stafford Loan except that interest accrues during the in school period. However, the interest payments can be deferred until a student graduates or ceases to be enrolled at least half time.
- Graduate Plus Stafford Loan: Graduate and professional students may be permitted to borrow under the PLUS program. Students may borrow up to Cost of Attendance less any financial aid (grants and loans). The terms and conditions for repayment are the same as the PLUS loan for parents of undergraduate students.