STUDENT FINANCIAL AID

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1700 University Blvd., Lister Hill Library, G20

(205) 934-8223

UNDERGRADUATE SCHOLARSHIPS

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936 19th Street South

(205) 934-8134

Unsubsidized Federal Direct Stafford Student Loan

  • Maximum amount for dependent students:
    • $5,500 (freshmen) effective August 2009
    • $6,500 (sophomores) effective August 2009
    • $7,500/year (juniors and seniors)
  • Maximum amount for independent students:
    • $9,500 (freshmen) effective August 2009
    • $10,500 (sophomores) effective August 2009
    • $12,500/year (juniors and seniors)
    • $20,500/year (graduate students) effective August 2009
  • Interest rate: Varies, with a maximum of 8.25 percent. Interest begins accruing once funds are disbursed
  • You must enroll on at least a half-time basis to receive a Stafford Loan for each term of the loan. Half-time means 6 credit hours per semester for undergraduate students and 5 credit hours per semester for graduate students.
  • Repayment period: Several plans are available
  • Repayment and interest charges can be deferred until six months after graduation or when your enrollment status drops below half-time (again, this means less than 6 credit hours for undergraduates, less than 5 for graduate students). An exit interview is required before you begin repayment.
  • Apply by completing the FAFSA.

Typical Estimated Payments

Payments are calculated based on a fixed interest rate of 6.8 percent.

Debt when you begin repayment $3,500 $5,000 $7,500 $10,500
Monthly payment $50 $58 $83 $121
Total interest charges $971 $1,905 $2,857 $4,000
Total amount repaid $4,471 $6,905 $10,357 $14,500
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