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Stafford Loans |
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Interest Rates |
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The interest rate for Federal Direct Subsidized Stafford Loans for graduate students and for all Federal Direct Unsubsidized Loans is a fixed 6.8%. There is an origination fee deducted from the proceeds of the loan.
The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Stafford loans for undergraduate students starting July 1, 2008. These reductions are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. The interest rates are illustrated in the following table.
| Year | Interest Rate | | 2008-2009 | 6.0% | | 2009-2010 | 5.6% | | 2010-2011 | 4.5% | | 2011-2012 | 3.4% | | 2012-2013 | 6.8% |
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Annual Loan Totals |
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Dependent Undergraduate Students
Depending on financial need, the annual amount may be subsidized. If the student does not have financial need, this amount will be replaced with an unsubsidized loan. In addition, all students are eligible for an additional $2,000 in unsubsidized Stafford funds.
• Freshmen: $3,500
• Sophomores: $4,500
• Middlers, Juniors, and Seniors: $5,500
Independent Undergraduate Students
The subsidized amounts listed below are awarded based on financial need. If the student does not have financial need, this amount will be replaced with an unsubsidized loan.
• Freshmen: $3,500 subsidized, $6,000 unsubsidized
• Sophomores: $4,500 subsidized, $6,000 unsubsidized
• Middlers, Juniors, and Seniors: $5,500 subsidized, $7,000 unsubsidized
Graduate Students
The annual maximum is $20,500. Depending on financial need the first $8,500 may be subsidized. |
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Aggregate Loan Totals |
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Dependent Undergraduate Students
$31,000 of which $23,000 can be subsidized
Independent Undergraduate Students
$57,500 of which $23,000 can be subsidized
Graduate Students
$138,500 of which $65,500 can be subsidized |
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