Academic Grade Level
Gross
(earned credits)
Amounts
Freshman (0-23 credits)
$5,500
Sophomore (24-55 credits)
$6,500
Junior (56-95 credits)
$7,500
Senior (96 credits or more)
$7,500
Aggregate Loan Limit
$31,000
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Any combination of subsidized and unsubsidized
Stafford Loans cannot exceed these limits.
The Federal government charges a fee of 1%
for each loan: Therefore, the net amount will be
slightly less than the amount applied for.
Freshman and sophomore students are
eligible to borrow an additional $4,000
unsubsidized Stafford Loan if their parent(s) are
denied a Parent PLUS loan.
Junior and senior students are eligible to borrow
an additional $5,000 unsubsidized Stafford Loan
if their parent(s) are denied a Parent PLUS loan.
Repayment of the loan principle is deferred until
six (6) months after you graduate or cease to
be enrolled on at least a half-time basis, which-
ever comes first. The six (6)-month period
between graduation and repayment is considered
the grace period.
Repayment is made on a monthly basis and the
maximum repayment period is 10 years.
There is no penalty for prepayment of the loan,
and early repayment of the loan would reduce or
eliminate interest charges.
Borrowing Amounts for Stafford Loans
9
I...,II,1,2,3,4,5,6,7,8 10,11,12,13,14,15,16,17,18,19,...IV