FAQs on Student Loans

FAQs on Student Loans

Dependent Undergraduates
Under the Federal Stafford Loan Program: freshmen may borrow up to $3,500, sophomores up to $4,500, and juniors/seniors up to $5,500 per academic year in the Subsidized Stafford Loan. Under this program students may also borrow an additional $2,000 each academic year in the Unsubsidized Stafford Loan. To review the next steps please visit our Stafford Loan Programs website

Independent Undergraduates
Under the Federal Stafford Loan Program independent undergraduates have the same borrowing limits as dependent undergraduates for the Subsidized Stafford Loan. However, under this program independent students may borrow more than dependents in the Unsubsidized Stafford Loan: freshmen and sophomores may borrow up to $6,000 and juniors and seniors up to $7,000 per academic year. To review the next steps please visit our Stafford Loan Programs website.  

Graduate Students
Graduate students attending at least on a half-time basis may borrow up to a total of $20,500 in the Federal Unsubsidized Stafford Loan per academic year. To review the next steps please visit our Stafford Loan Programs website.

There are processing fees: 

All loans are subject to fees that are paid to the federal government to offset administrative and insurance costs. Fees are deducted proportionately from each disbursement. The current origination fee for Stafford Loans is 1.069% and 4.276% for PLUS Loans.

There are special disbursement terms for these loans:  

Your loan will be disbursed in two or more installments. Loan proceeds are sent directly to the University, either by electronic transmission or check. Loan proceeds for first-time borrowers may not be disbursed until 30 days after the first day of classes. You will be notified when the funds arrive.

The term subsidized means that the federal government will be covering the interest payments on your loan while you are in school. The term unsubsidized means that the student, rather than the federal government, will be responsible for interest payments while you are in school.

The principle plus interest for your Federal Stafford Loan will begin 6 months after graduation and you have 10 years to complete the payments.