These loans are available to eligible students enrolled at least half-time and are based on the financial need demonstrated by each student. A student may borrow up to $2,625 for the first academic year and up to $3,500 for the second academic year. The loan amounts will be pro-rated for academic years less than nine months.
Repayment of the loan begins six months after graduation or termination of studies, and the minimum monthly payment amount is based on the amount borrowed but not less than $50. Certain circumstances may allow the borrower to contact the lender and have the loan deferred such as while in school at least half-time, inability to find full-time employment, or if suffering economic hardship. The interest rate is variable and the maximum interest rate on the Federal Stafford Loan is currently 8.25%. A student will be obligated for a 3% origination fee on each Federal Stafford Loan received.