The Stafford Loan is a federal loan available to students to assist with educational related expenses. Information from the FAFSA determines the amount and type of Federal Stafford Loan eligibility.
There are two types of Stafford Loans:
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Federal Direct Subsidized Stafford Loan: A "subsidized" loan means that the federal government pays the interest while the student is enrolled at least half-time in school. The interest rate on the Federal Subsidized Stafford Loan is a fixed rate of 3.4% for the 2012-13 academic year. It is scheduled to increase to 6.8% for the 2013-14 academic year. There is an origination fee of 1.05%.
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Federal Direct Unsubsidized Stafford Loan: An "unsubsidized" loan means that the student is responsible for paying the interest from the time the loan is disbursed. The interest can be paid quarterly or the student can request that the interest be capitalized. The 2012-13 interest rate on the Unsubsidized Stafford Loan is a fixed rate of 6.8% and will continue to be that for the 2013-14 academic year. There is an origination fee of 1.05%.
The amount a student can borrow is determined by grade level and dependency/independency status.
Dependent Undergraduate and Post Bac Students:
|
Freshman |
$3,500 |
$2,000 |
$5,500 |
|
Sophomore |
$4,500 |
$2,000 |
$6,500 |
|
Junior |
$5,500 |
$2,000 |
$7,500 |
|
Senior |
$5,500 |
$2,000 |
$7,500 |
|
Aggregate Maximum Amount |
$23,000 |
$8,000 |
$31,000 |
Independent Undergraduate and Post Bac Students:
|
Freshman |
$3,500 |
$6,000 |
$ 9,500 |
|
Sophomore |
$4,500 |
$6,000 |
$10,500 |
|
Junior |
$5,500 |
$7,000 |
$12,500 |
|
Senior |
$5,500 |
$7,000 |
$12,500 |
|
Aggregate Maximum Amount |
$23,000 |
$34,500 |
$57,500 |
Graduate Students: can borrow up to $20,500 per year through the Unsubsidized Stafford Loan only. The aggregate maximum amount graduate students can borrow for all undergraduate and graduate years combined is $138,500.
APPLICATION PROCESS:
To apply for a Stafford Loan, all students must:
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complete the Free Application for Federal Student Aid (FAFSA)
-
"accept", "decline", or "modify downward" your Stafford Loan on the MySRU Portal once you receive your Financial Aid award letter. (Student can decline the Stafford Loan on the MySRU Portal if they do not want this)
-
complete a Master Promissory Note (MPN) with the U.S. Department of Education at www.StudentLoans.gov (If you have questions when on this site, you can reach a customer service representative at 1-800-557-7394)
-
if a first-time borrower, complete Entrance Loan Counseling at www.StudentLoans.gov (If you have questions when on this site, you can reach a customer service representative at 1-800-557-7394)
Note: The SRU Financial Aid Office cannot disburse your Federal Stafford Loans until steps 2-4 are completed. For detailed instructions on how to complete the Entrance Counseling and signing your MPN, click here.
|
Contact Information |
1 Morrow Way
Slippery Rock PA 16057 |
107 Maltby Center |
|
724.738.2044
724.738.2922 (fax) |
Financial.aid@sru.edu |
M-F: 8:00-4:30
Summer: 8:00-4:00 |