- What types of Stafford loans are available?
- Who are Lenders of Stafford loans?
- Who are Servicers of Stafford loans?
- Who can be a Borrower on Stafford loans?
- How does the Application process work for Stafford loans?
- Is a Promissory Note also needed for Stafford loans?
- What are the Maximum Loan Amounts for Stafford loans?
- Which Fees apply to Stafford loans?
- How are Loan disbursement amounts determined for Stafford loans?
1. What types of Stafford loans are available?
Federal Subsidized and Federal Unsubsidized Stafford loans. Go to your Financial Aid Office's website for more details.
2. Who are Lenders of Stafford loans?
See the your Financial Aid Office's Preferred Lender List. Students are not obligated to use preferred lenders provided, but may use a Stafford Lender of choice.
3. What is a Servicer of Stafford loans?
A servicer is a company who works on behalf of a lender to disburse funds to the University, to collect loan payments from borrowers and provides customer service to students, parents and University staff.
4. Who can borrow a Stafford loan?
A U.S. citizen or a U.S. permanent resident who is not in default of a federal student loan and who has not exhausted undergraduate or graduate / professional student Stafford loan limits. Refer to your Financial Aid Office's website for more information.
5. How does the Application process work for Stafford loans?
The process varies by Financial Aid Office. All students must first complete a Free Application for Federal Student Aid (FAFSA). Please refer to your Financial Aid Office's website for details on the application and award notification process.
6. What is a Stafford Master Promissory Note (MPN)?
The MPN serves as your application and your agreement to repay your loan. Students may complete a paper MPN if they are not using one of the preferred lenders. Refer to your Financial Aid Office's website for MPN details.
7. What are the Maximum Loan Amounts for Stafford loans per academic year?
| Class | Maximum |
|---|---|
| Freshman | $3,500 |
| Sophomore | $4,500 |
| Junior | $5,500 |
| Senior | $5,500 |
| Graduate / Professional | $8,500 Subsidized $12,000 Unsubsidizied |
8. Which Fees apply to Stafford loans?
- Origination fee: Varies (0 - 3%, depending upon Lender)
- Default fee: Varies (0 - 1%, depending upon Guarantor)
9. How are Loan disbursement amounts determined for Stafford loans?
An equal portion of your annual loan amount (less fees) is applied to your student account each term unless otherwise specified.