Federal Stafford Loans

Stafford loans are for individuals who are undergraduate, vocational, and graduate students accepted for enrollment at least half-time in participating schools.

To be eligible:

  • The student must submit a FAFSA.
  • For a subsidized Stafford loan, the student must have financial need as determined by their school.
  • The student must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
  • The student must not be in default on any education loan or owe a refund on an education grant.

Characteristics:

  • The interest on a Stafford Subsidized Loan is paid by the government when the student is in school and during periods of grace and deferment. 
  • The interest on a Stafford Unsubsidized Loan is not paid by the government when the student is in school nor during periods of grace and deferment.  The student is responsible for all of the interest that accrues on the loan.
  • The interest rate for both Stafford Subsidized and Unsubsidized Loans as of July 1, 2006 is 6.8%.