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What Is The Federal Direct Stafford Loan?

The Federal Direct Stafford Loan Program enables students to obtain long-term, low interest loans through the federal government. We will automatically offer you a Federal Direct Stafford Loan if you qualify. You are not required to accept the loan and we will not process the loan unless you accept it.

What Are The Eligibility Requirements?

Your eligibility is based upon a review of your data as submitted on your Free Application for Federal Student Aid (FAFSA) and on other supporting documents, if required. You must be enrolled or accepted for enrollment in a degree, certificate or professional program. Your enrollment status must be at least half-time, (the equivalent of 6 units), and you must be a citizen or eligible non-citizen (permanent resident) of the United States.

What Kinds Of Stafford Loans Are Available?

Bullet Subsidized

  • Based on financial need
  • Federal government pays interest on your behalf until 6 months after you graduate or drop below half-time
  • Repayment begins at the end of the 6 months grace period

Bullet Unsubsidized

  • No need based
  • Maximums based on grade level and dependency status
  • Federal government does not pay interest
  • Interest is variable
  • No obligation to make payments while enrolled at least half-time
Fees

1% origination - 0.5% rebate = 0.5%

Pre-Loan counseling

By law, educational institutions must provide pre-loan counseling to prospective Stafford borrowers. Your loan cannot be disbursed until we have confirmation that you completed the pre-loan counseling requirement.

Repayment

To receive a student loan, you must also sign a "Promissory Note" which is a promise to repay the loan according to specified terms. Repayment begins six months after you cease to be enrolled at least half-time (the equivalent of 6 units). The six months are a "grace period". If you do not repay your student loan on time, your loan may go into default which has serious and lasting consequences including a damaged credit rating, denial of financial aid and garnishment of federal and state tax refunds or wages.

What If I Request A Reduced Amount And Later I Determine I Need Additional Funds?

Contact the Office of Financial Aid to complete a Federal Direct Loan Request form to increase your loan amount.

Do I Have To Reapply For The Loan Each Year?

Yes. You must complete the Free Application for Federal Student Aid (FAFSA) each year you need money to help you pay for school.

Do I Have To Accept A Loan?

No. Do not accept a loan if you can meet your educational expenses without a loan. Even after you accept a loan, you may at any time reconsider your decision. Visit the Office of Financial Aid to discuss your situation with a staff member.

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