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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 for each

loan: Therefore, the net amount will be slightly less

than the amount applied for. For the fee amount,

go to

http://studentaid.ed.gov/types/loans/

interest-rates

.

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, whichever

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

repayment period is typically 10 years, but may

be more.

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

8