FAQ: Stafford Loans
What is the maximum Stafford Loan amount I can receive in one academic year? In my lifetime?
The MAXIMUM annual loan amount for a Stafford loan is $20,500 ($12,500 for Post-Baccalaureate students). The MAXIMUM aggregate limit for the program (including undergraduate borrowing) is $138,500.
How do I calculate my Stafford Loan eligibility?
Estimated cost of attendance
-(subtract) other financial assistance*
= your unsubsidized eligibility
*Other financial assistance may include scholarship and/or fellowships if applicable.
What is the interest rate on Stafford Loans?
Loans first disbursed on or after July 1, 2014 and before July 1, 2015 will have a fixed interest rate of 6.21%. Loans first disbursed on or after July 1, 2015 and before July 1, 2016 will have a fixed interest rate of 5.84%.The interest is charged on the loan from the date the first disbursement is made until the loan is paid in full.
What fees are associated with Stafford Loans?
Stafford loans have a 1.073% federal origination fee (for loans first disbursed on or after October 1, 2014 and before October 1, 2015) which is deducted proportionately each time a loan disbursement is made.
Are there Stafford Loan deadlines?
There is no single set deadline for completing a Stafford Loan application. Loan applications can be processed throughout the academic year. However, for priority processing, in order to meet the semester tuition bill due dates, all loan materials should be received by: June 15 for the fall semester; November 15 for spring semester; and April 30 for summer semester.
Do I have to apply for a Stafford Loan every academic year?
Yes, you have to apply every year. Federal Stafford loans do not "renew" automatically.
I received notification that I have been approved for a Stafford Loan. Now what?
Complete your Entrance Counseling and sign your Master Promissory Note online through the Department of Education's Direct Loan Servicing website.
When does repayment begin for Stafford Loans?
Repayment begins six months after completion of the degree program or after dropping to less than half-time enrollment status (less than 6 credits per semester).
How are Stafford Loans credited to my account?
Stafford funds are disbursed equally among semesters enrolled in the student's academic year. Loan funds are disbursed to the student's SAGE account at the time tuition is charged.
When will my Stafford Loan be credited to my account?
Once you have confirmed your intention to enroll, the pending Stafford Loan will be posted as a credit to your SAGE account as soon as your eligibility has been determined, generally two to three weeks after completing the application and providing all required documentation.
When can I get my money?
Students who have been awarded financial aid in excess of tuition, fees and other charges may apply for a refund to assist with the cost of off-campus living expenses and books, which are not charged to the student account. Refunds will be available no sooner than 10 days prior to the first day of classes. However, new students must meet several documentation requirements before they can receive a refund. If awarded Stafford Loans, students will be required to complete an entrance interview and loan counseling in addition to signing the Stafford Loan Master Promissory Note before receiving a refund. In addition, students must have registered for classes. For new students, registration will generally not take place until the week of orientation.
Students should plan to bring enough personal funds to cover all living expenses for at least one month until all necessary registration and loan paperwork has been completed.