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Stafford Loans

Stafford Loans are made from banks to students. You must complete a Free Application for Federal Student Aid (FAFSA) to be eligible for a Stafford loan.

Apply for a Stafford loan

Lenders are listed in random order. Click on a lender's name to go to the application worksheet.

*Note: The online applications are currently not available. Please check with the Financial Aid office for more details.

  • USBank (811698)
  • Bank of America (801871)
  • KeyBank (811025)
  • Wachovia (830005)
  • Wells Fargo (807176)
  • Washington First (833789)
  • Nellie Mae (829076)
  • CHELA (833953)

About the Stafford loan program

If you are a first time Stafford Loan Borrower you will be required to complete a Stafford Loan entrance interview. Loan funds are sent to the school for you on a quarterly basis by the lender.

Loans are repaid after you graduate, leave school or drop below half-time enrollment (six credits). You will have a six month grace period before you begin repayment.

Subsidized loans

If you have financial need remaining after you have been awarded grant, work and scholarship funds, you can borrow Stafford loan funds. This type of loan is subsidized, which means that the government pays the interest while you are in school, during the grace period and when you qualify for deferments.

Unsubsidized loans

If you do not have demonstrated financial need, you may be eligible to receive an unsubsidized loan. Unlike the subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay interest or allow it to accumulate and be capitalized (that is, added to the principal amount of your loan).

Amounts & interest rates

Dependent undergraduate students are limited to loans up to $3500 (first year students) or up to $4500 (students with more than 45 credits completed).

Independent undergraduate students may be able to borrow up to $7500 as a first year student and $8500 if they have completed over 45 credits. However, at least $4000 of this amount will be in the form of unsubsidized loans.

The interest rate for Stafford Loans disbursed prior to July 1, 2006 is variable, with a ceiling of 8.25 percent. The rate is tied to the 91-day Treasury Bill and changes each July 1. Stafford Loans disbursed between July 1, 2006 and June 30, 2008, have a fixed interest rate of 6.8 percent.

After July 1, 2008, Subsidized Stafford Loans will be fixed at 6% and Unsubsidized Stafford Loans will be fixed at 6.8%.

Contact the Financial Aid Office for updated interest rates after July 1 of each year.