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Federal Stafford Student Loan
(Federally Guaranteed)
- Based on financial need (subsidized)
- NOT based on financial need (unsubsidized)
- Complete the FAFSA to determine loan eligibility
- Award maximums (dependent students)
- $3,500 - frehman year
- $4,500 - sophomore year
- $5,500 - junior and senior year
- Award maximums (independent students)
- $7,500 - freshman year
- $8,500 - sophomore year
- $10,500 - junior and senior year
- Repayment of principle and interest can be deferred until six (6) months after graduation or when enrollment status drops below half-time.
- Interest on subsidized Stafford loans begins with onset of repayment.
- Interest rate varies annually but will never exceed 8.25%
- Interest will begin accruing once check is disbursed on unsubsidized Staffprd loans.
- Students have ten (10) years to repay their loan(s); minimum payment - $50.00 per month.
Typical Repayment Plans
Total Loan
Amount |
Number of Payments |
Monthly
Payment |
Total Interest
Charges |
Total
Repaid |
|
$2,600
|
65
|
$50.00
|
$628.42
|
$3,228.42
|
|
$4,000
|
120
|
$49.06
|
$1,887.20
|
$5,887.20
|
|
$7,500
|
120
|
$91.99
|
$3,538.80
|
$11,038.80
|
|
$10,000
|
120
|
$122.65
|
$4,718.00
|
$14,718.00
|
|
$15,000
|
120
|
$183.98
|
$7,077.60
|
$22,077.60
|
All students who have borrowed through the Federal Stafford Loan program must complete an Exit Interview when enrollment status drops below half time or student graduates from Lake Erie College. |
