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Federal Stafford Loan
Need Based: The subsidized Stafford Loan is need-based, while the unsubsidized loan is non-need-based.
Per Year Maximum: Undergraduate $3,500 - $10,500, Graduate/Professional $18,500.
Dependent Students:
First Year: $3,500
Second Year: $4,500
Third Year and Up: $5,500
Graduate/Professional: $20,500
Independent Students:
First Year: $7,500
Second Year: $8,500
Third Year and Up: $10,500
Graduate/Professional: $20,500
Cumulative Maximum: $23,000 for dependent undergraduate students, $46,000 for independent undergraduate students, $138,500 for graduate/professional.
Origination Fee: 0.00% - 4.00% (Lender specific)
Interest Rate: The in-school interest rate as of July 1, 2006 is fixed at 6.8%., with the Federal Government paying the interest for subsidized loans (students are responsible for interest on unsubsidized amounts).
Repayment: Repayment begins 6 months after leaving school. There is a $50 minimum payment with a maximum length of 10 years.
Who is Eligible: All students may apply for a Federal Stafford Loan. Your remaining financial need will determine whether you qualify for the subsidized and/or the unsubsidized Stafford Loan.
The subsidized Stafford Loan is need-based, while the unsubsidized loan is non-need-based. Some students qualify only for the subsidized loan, others only for the unsubsidized, and others for a mixture of both.
How to Apply: In order to be considered for a Stafford Loan, students must complete the FAFSA and Concordia Supplemental Financial Aid Application. You will automatically be considered for the Stafford loans once those forms are received, and your eligibility for the Stafford Loan will be presented in your Award Letter. If you wish to cancel the Stafford loan on your Award Letter please contact the financial aid office.
First-Time Borrower: The first-time borrower will be required to complete an online Master Promissory Note and an Entrance Counseling Session before funds can be disbursed. You must have a PIN number from the Department of Education to electronically sign the Master Promissory Note. Apply Online.
Repeat Borrower: If you have been awarded a Stafford Loan, your loan will be processed automatically. If you need to change the Stafford amount please click here and follow the directions on screen. Apply Online. |
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