Loans
You must complete the ‘Student Loan Information’ section on the Financial Aid Data Form if you are interested in applying for a Federal Stafford Loan. This form is in addition to completing the Free Application for Federal Student Aid (FAFSA) and any other forms required to complete your file. For an explanation on the types of loans available, go to Types of Financial Aid.
Annual loan limits depend on your length of enrollment, year in school, and dependency status. You will be notified of the exact amount you can borrow in your award letter. You can never borrow more than the cost of education, less other financial aid received. Below are the maximum amounts you may borrow.
If dependent, your combined subsidized and unsubsidized Stafford annual eligibility is as follows:
| Freshman | Sophomore | Junior | Senior | Graduate |
| $3,500 | $4,500 | $5,500 | $5,500 | N/A |
If independent, your subsidized and unsubsidized Stafford annual eligibility is as follows:
| Freshman | Sophomore | Junior | Senior | Graduate | |
| Subsidized | $3,500 | $4,500 | $5,500 | $5,500 | $8,500 |
| Unsubsidized | $4,000 | $4,000 | $5,000 | $5,000 | $12,000 |
| Total | $7,500 | $8,500 | $10,500 | $10,500 | $20,500 |
All students who meet the eligibility criteria, regardless of income, may be eligible to receive a Federal Stafford Loan. You will first be considered for a Subsidized Federal Stafford Loan. The Federal government pays the interest on this loan while you are in school.
If you are not eligible for the Subsidized Federal Stafford Loan, you will then be considered for the Unsubsidized Federal Stafford Loan. You pay the interest for this loan while you are enrolled in school. Interest can be paid monthly, quarterly, or can be added to the loan principal (capitalized).
Once your loan has been certified, you may receive a preprinted master promissory note in the mail at your permanent mailing address. If you are a continuing borrower and have selected the same lender as last year, you will not receive a new note. For this reason, you are encouraged to remain with the same lender each year. The “Same As Last Year” option has been added to our list of lenders to make this easier for you.
First-time borrowers and/or borrowers who change their lender will receive a master promissory note. When you receive the promissory note, provide any missing information and follow the instructions provided to return the note to your lender.
Both the Subsidized and Unsubsidized Federal Stafford Loans are subject to an origination fee of 3% by most lenders and a guarantee fee of 1/2% by most guarantors. All fees will be deducted from loan proceeds prior to disbursement.
Federal PLUS Loans are loans that parents borrow for dependent children. PLUS Loans are not based on income, but the parent borrower must undergo a credit check. Contact our office or your lender for the appropriate application.