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|
|Total interest charges||$971||$1,905||$2,857||$4,000|
|Total amount repaid||$4,471||$6,905||$10,357||$14,500|