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The Stafford Direct Loan is a federally funded program. Loan eligibility is determined by the Financial Aid Office with guidance from the Department of Education. These funds must be repaid and can be used only for school-related expenses such as tuition, fees, books, supplies, and room and board. The student must have a complete financial aid file, a signed Master Promissory Note, and the entrance counseling finished before loans are disbursed.
Students who are ready to borrow the Stafford Direct Loan should follow the instruction on the Loan Procedure website. Students are highly encouraged to use the loan calculator to estimate their monthly payments on their student loans.
Repayment begins following a six-month grace period after the student leaves school or drops below half-time enrollment. Generally, a student has standard 10 years to repay the loan in monthly payments. Other repayment terms are available from the Department of Education. The student must repay the total amount of the loan, including the loan fees. There is no prepayment penalty.
* Students whose parents were not eligble for a parent PLUS loan will be offered Unsubsidized Stafford in the amounts on the independent students' chart.
The Stafford Aggregate Loan Limits are as follows:
Student who drop below half time are required to complete an exit counseling at www.nslds.ed.gov.