William D. Ford Federal Direct Subsidized Stafford Loan
Eligibility
Criteria:
1. Enrolled at least half-time.
2. Not in default on another student loan.
3. Must show financial need.
4. U.S. citizen or eligible non citizen.
5. Maintaining satisfactory academic progress.
Amounts &
Selection Process:
Student may borrow up to $8,500 per academic year. The exact
amount will vary depending upon financial need. Cumulative maximum
for graduate and professional studies is $65,500 for undergraduate
and professional studies combined.
Terms:
For the 2008-2009 academic year, the interest rate will be a fixed rate of 6.8%. No payments are due and no interest accrues while enrolled at least half-time. Interest accrues and repayment begins six months after the last date of half-time enrollment. Standard repayment period is 10 years. A 0.5% processing fee is deducted from the loan proceeds when the funds are disbursed.
Application
Process:
- File the Free Application for Federal Student Aid (FAFSA).
- Eligible students will be notified to accept the Stafford Loan on CheckMarq.
- Federal regulations require first time borrowers to complete entrance counseling and an eMPN (electronic Mastr Promissory Note) prior to disbursement of funds.
Renewal Process:
Renewed only if you file all necessary forms each year and continue to meet eligibility requirements. Students may not be required to complete entrance counseling & eMPN if they have done so previously (while at Marquette).
