2013-2014 Financial Aid Application Deadlines
(Also referred to as Federal Direct Loans)
Federal Direct Stafford Loans are loans in which the student is the applicant/borrower. Students eligible for the need-based subsidized Stafford Loan will have their interest paid for by the federal government until the loan goes into repayment status. The Federal Direct Unsubsidized Stafford Loan, available to students who do not qualify for subsidized loan or who may qualify for only a partial subsidized loan, has the same terms and conditions except that the student borrower is responsible for the interest that accrues while he/she is in school.
The current fixed interest rate for the Subsidized Stafford Loan is 3.4% for undergraduate students. The current fixed interest rate for the Unsubsidized Stafford Loan is 6.8% for undergraduate students. An origination fee of 1% will be deducted from each disbursement for both loans. Repayment of the loans begins six months after the borrower is no longer enrolled at least half-time at a post-secondary institution. (It is recommended that Unsubsidized Stafford Loan borrowers make at least interest-only payments while in school.)
All borrowers will need to complete a Master Promissory Note (MPN) online at www.StudentLoans.gov.
MAXIMUM LOAN LIMITS - STAFFORD LOANS
|
YEAR |
DEPENDENT UNDERGRADUATE |
INDEPENDENT UNDERGRADUATE |
GRADUATE STUDENTS |
|
1st Year |
$5,500 maximum $3,500 in subsidized loans |
$9,500 maximum $3,500 in subsidized loans |
$20,500** maximum $8,500 in subsidized loans |
|
2nd Year |
$6,500 maximum $4,500 in subsidized loans |
$10,500 maximum $4,500 in subsidized loans |
(same) |
|
3rd Year and Beyond |
$7,500 maximum $5,500 in subsidized loans |
$12,500 maximum $5,500 in subsidized loans |
(same) |
|
TOTAL |
$31,000 maximum $23,000 in subsidized loans |
$57,500 maximum $23,000 in subsidized loans |
$138,500* maximum $65,500 in subsidized loans* |
* - The graduate debt limit includes loans received as an undergraduate student.
** - Higher for MPH program at TDI
