William D. Ford Federal Direct Unsubsidized Stafford Loan

Eligibility Criteria:

1. Enrolled at least halftime.
2. Not in default on another student loan.
3. U.S. Citizen or eligible non citizen.
4. Maintaining satisfactory academic progress.

Amounts & Selection Process:

Loan limits are calculated in combination with any amounts borrowed under the Subsidized Stafford Loan. Annual combined limit cannot exceed $20,500.
Dental: Annual combined limit for freshman to junior level is $47,167. Senior limit is $40,500.

Cumulative maximum (including Subsidized amounts) with undergraduate and professional studies combined, is $138,500 for Graduate, Law and Graduate Health Professionals; the maximum for Dental Students is $224,000.

Terms:

For the 2008-2009 academic year, the interest rate will be a fixed rate of 6.8%. Interest accrues while the students is in school. Student may choose to make quarterly interest payments, or have the interest deferred and capitalized prior to repayment. A 0.5% processing fee is deducted from the loan proceeds when the funds are disbursed. Repayment begins 6 months after the last date of half-time enrollment.

Application Process:

1. File the Free Application for Federal Student Aid (FAFSA).
2. Eligible students will be notified to accept the Stafford Loan on CheckMarq.
3. 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).