Get a Stafford Loan
The Federal Family Education Loan Program (FFELP) is composed of three loans—Federal Stafford Loan (subsidized and unsubsidized), Federal PLUS Loan (for parents of dependent undergraduate students and for graduate/professional students), and Federal Consolidation Loan.
The Federal Stafford Loan Program provides financial assistance through lenders to expand higher education opportunities for undergraduate, graduate, and professional students attending postsecondary schools on at least a half-time basis.
Students must show financial need to qualify for the subsidized loan. The federal government, on behalf of the borrower, pays the interest that accrues while the student is in school, during authorized deferment periods, and for six months after the student ceases to be enrolled at least half-time. The borrower begins paying the interest when the loan enters repayment.
Students are not required to show financial need to qualify for the unsubsidized loan. Unlike the subsidized loan, the borrower must pay all interest that begins to accrue immediately upon disbursement regardless of enrollment status or loan deferments. Interest can be paid monthly or quarterly or be capitalized (added to the principal balance).
The Federal Stafford Loan amount for an academic period cannot exceed the student's cost of attendance (as determined by the educational institution) less the student's estimated financial assistance and, if the loan is a subsidized Stafford Loan, expected family contribution.
Eligibility Criteria
To be eligible for either of these loans, the student must:
- Be enrolled or accepted for enrollment at least half-time in an eligible degree or certificate program at an eligible institution.
- Have a high school diploma or its equivalent.
- Be in good standing and making satisfactory academic progress if currently enrolled.
- Be a citizen, permanent resident, or eligible noncitizen of the United States.
- Not be in default or owe a refund on any federal education grant or loan unless satisfactory arrangements have been made to repay the outstanding debt.
Financial need is determined for the Subsidized Federal Stafford Loan before eligibility is determined for the Unsubsidized Federal Stafford Loan. Schools will determine the student's eligibility.
Loan Limits
A borrower may receive a subsidized loan, an unsubsidized loan, or a combination of both for an academic period. However, the amount of one loan or a combination of both loans may not exceed the loan limits for an academic year based on the borrower's dependency status and grade level and the length of the program of study in which the borrower is enrolled.
| Grade Level | Dependent Status | Independent Status |
|---|---|---|
| First Year | $5,500 | $9,500 |
| Second Year | $6,500 | $10,500 |
| Each Remaining Year of Undergraduate Study | $7,500 | $12,500 |
| Each Year of Graduate or Professional Study | N/A | $20,500 |
The total maximum outstanding debt allowed is:
| Dependent Undergraduate | $31,000 |
|---|---|
| Independent Undergraduate | $57,500 |
| Graduate or Professional Student* | $138,500 |
*Includes any Federal Stafford Loan and/or Federal Supplemental Loans for Students received as an undergraduate.
