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Federal Subsidized Stafford Loan (need based)
| Amount of Loan |
Maximum of $8,500 per year. |
| Interest Rate |
Pay no interest while in school. It will accrue when not enrolled in school or fewer than six (6) credit hours. |
| Repayment |
Six months after completion of program or enrollment of fewer than six (6) credit hours. No in-school interest or principal charges. |
Federal Unsubsidized Stafford Loan (non-need based)
| Amount of Loan |
Maximum of $12,000 per year. |
| Interest Rate |
The interest rate on your loan could change each year of repayment but, by law, it will never exceed 8.25%. The interest rate is adjusted each year on Jul 1. You'll be notified of interest rate changes throughout the life of your loan.
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| Repayment |
You may pay the interest while in school or have the interest capitalized and deferred until six months after completion of program or enrollment of fewer than six (6) credit hours. |
| Eligibility |
Students who may not qualify for subsidized Stafford Loans or may qualify for only partial subsidized Stafford Loans. |
Loan Consolidation
A Consolidation Loan is designed to help student borrowers simplify loan repayment by allowing the borrower to combine several types of federal student loans with various repayment schedules into one loan. If you have more than one loan, a Consolidation Loan simplifies the repayment process because you make only one payment a month. Also, the interest rate on a Consolidation Loan may be lower than what you are currently paying on one or more of your loans.
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