Federal Stafford Unsubsidized Loans

Features & Benefits

If you are not eligible for interest benefits as determined by the FAFSA, you can get an Unsubsidized Loan. You will be responsible for all the interest on the loan while you are in school and during the grace period and repayment period. You can either make quarterly interest payments or allow the interest to accrue. Once you enter repayment, the accrued interest will be added to your current principal balance and the new principal balance will be used to calculate your payments.

� Federally sponsored loan
� Available at participating 2 year, 4 year, graduate and professional schools
� School must certify eligibility
� Guarantor must guarantee the loan
� Loan proceeds are sent to the school
� Interest Rate on new loans disbursed after July 1, 2006 is set at 6.8%
� Loans must be repaid in 10 years
� Repayment begins 6 months after the borrower is no longer in school on at lease a half-time basis
� You must pay a 1% Default Fee
� You must pay a 1.5% Origination Fee
� Fees are deducted from the loan proceeds sent to the school
Apply for by completing the Free Application for Federal Student Aid

Click here to access application