A Free Application for Federal Student Aid (FAFSA) must be completed before applying for a student loan

Stafford loans are either subsidized or unsubsidized. A subsidized loan is awarded on the basis of financial need. No interest is charged before repayment begins or during authorized periods of deferment. An unsubsidized loan is not awarded on the basis of need. Interest will be charged from the time the loan is disbursed until it is paid in full. A student may receive both types for the same enrollment period.

Federal Stafford & PLUS Loan Applications
http://www.usagroup.com

Complete your Stafford/Unsubsidized Stafford/PLUS Loan application and entrance interview online!

Subsidized Federal Stafford Loans

• The federal government pays interest on the borrower's behalf
• while she/he is in school
• in her/his grace period
• during authorized periods of deferment of repayment.

Unsubsidized Federal Stafford Loans

• are available to students who do not qualify, in whole or in part, for Subsidized Federal Stafford loans.
• the terms for unsubsidized loans are the same as the terms for subsidized loans, except that the federal government DOES NOT pay interest on the borrower's behalf.
• The interest may either accrue while the student is in school, and then be added to the loan balance, or the borrower may begin making interest payments after the first loan check is disbursed.
• The borrower is responsible for paying interest during her/his grace period and during authorized periods of deferment of repayment.

Interest Rates:

The interest rate is variable (5.39% during 2001/2002) with a cap of 8.25%. The interest rate is adjusted each year on July 1. A fee of up to 4% will be deducted from each disbursement. Repayment begins six months after graduation or separation from the University, or when enrollment status falls below half-time. There is a ten year repayment period. Deferment and repayment options are available; contact the Office of Bursar for more information.

Borrowing limites for dependent undergraduates:

• $2,625 Freshmen (0-43 units)
• $3,500 Sophomores (44-87 unites)
• $5,500 Juniors, Seniors & Fifth-year students

Independent/Graduate & Professional Students:

• $6,625 ($2,625 subsidized) Freshmen (0-43 units)
• $7,500 ($3,500 subsidized) Sophomores (44-87 unites)
• $10,500 ($5,500 subsidized) Juniors, Seniors & Fifth-year students(88 or more units)