|
Federal
Stafford Loans
Subsidized | Unsubsidized
Stafford Loans
Federal Stafford Loans are a major form of self-help aid and are
available through the Federal Family Educational Loan Program.
Stafford loans must be repaid after you graduate, leave school or
drop below half-time enrollment.
The maximum amounts that may be borrowed under the Stafford Loan
Program varies on classification. Freshmen may borrow up to $2,625,
sophomores may borrow up to $3,500 and juniors or seniors, may
borrow up to $5,500 as long as you do not exceed your cost of
attendance..
The total debt you can have outstanding from all Stafford Loans
combined is $23,000 as a dependent undergraduate student; $46,000 as
an independent undergraduate student (no more than $23,000 of this
amount may be in subsidized loans); or $138,500 as a graduate or
professional student (no more than $65,500 of this amount may be
subsidized loans). The graduate debt limit includes any Stafford
Loans received for undergraduate study.
If your Stafford Loan was first disbursed on or after July 1,
1994, the interest rate could change each year of repayment, but it
will never exceed 8.25 percent. The interest rate is adjusted each
year on July 1. You will be notified of interest rate changes
throughout the life of the loan. If a Stafford Loan was first
disbursed before July 1, 1994, the interest rate on these loans may
be different.
You will pay fees of up to 3 percent, deducted proportionately
from each disbursement of your loan. For an FFEL Stafford Loan,
a portion of this fee goes to the federal government to help reduce
the cost of the loans.
You pay these loans after you graduate,
leave school, or drop below half-time enrollment, you
have six months before you begin repayment. This is called a "grace
period." After you leave school or drop below half-time enrollment,
you will receive information about repayment and will be notified of
the date repayment begins. However, you are responsible for
beginning repayment, even if you do not receive this information.
If you are a first-time borrower you must participate in a Pre-loan
Counseling Session offered by the Financial Aid Office. Click here
for more information Pre-Loan Counseling
Sessions.
Before leaving UTPA, you must complete an Exit Counseling Session
as a student loan borrower. The session is available online at www.mapping-your-future.org/exitcounseling.
We will be notified automatically once you complete it.
Return to Top.
|
