William D. Ford Federal Direct Unsubsidized Stafford Loan

Eligibility Criteria

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

Amounts & Selection Process

Unsubsidized Stafford Loan limits are calculated in combination with any amounts borrowed under the Subsidized Stafford Loan. Annual combined amounts cannot exceed the following:

Annual Combined Loan Amounts (subsidized + unsubsidized)
Undergraduate dependent student, first year	$5,500
Undergraduate dependent student, second year	$6,500
Undergraduate dependent student, third year	$7,500
Undergraduate dependent student, fourth year	$7,500
Undergraduate independent student, first year	$9,500
Undergraduate independent student, second year	$10,500
Undergraduate independent student, third year	$12,500
Undergraduate independent student, fourth year	$12,500
Aggregate Loan Amounts (subsidized + unsubsidized over 4 years)
Undergraduate dependent	$31,000
Undergraduate independent	$57,500

 

Terms

For the 2009-2010 academic year, the interest rate will be a fixed rate of 6.8%. Interest accrues while the student is in school. Students 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 electronic Master Promissory Note (eMPN) prior to disbursement of funds.

Renewal Process

Renewed only if all necessary forms are filed each year and students continue to meet eligibility requirements. Students may not be required to complete entrance counseling & eMPN if these requirements were previously completed.