FFEL STAFFORD STUDENT LOAN

Federal Stafford Loans are the government's major form of self-help aid. These loans are available through the Federal Family Education Loan (FFEL) program. These loans can be either subsidized or unsubsidized.

To apply for a student loan click here: http://www.elmselect.com/oll/SchoolLenderList/?schoolId=8332

A Subsidized FFEL Stafford Loan is awarded on the basis of financial need. No interest payments are required before repayment begins or during an authorized period of deferment. The federal government "subsidizes" the loan during these periods by paying the interest for the student.

An Unsubsidized FFEL Stafford Loan is not awarded on the basis of need. The student will be charged interest from the time the loan is disbursed until it is paid in full. If interest is allowed to accumulate, it will be capitalized--that is, the interest will be added to the principal amount of the student's loan and additional interest will be based upon the higher amount. This will increase the amount that has to be repaid. If the student chooses to pay the interest as it accumulates, loan repayments will cost less in the long run.

To qualify for a FFEL Stafford Loan: Regular students enrolled in an eligible program of study at least half time may receive a FFEL Stafford Loan. Students must also meet other general eligibility requirements. Amounts You Can Borrow: Undergraduate students can borrow up to:

• $3,500 for a first-year student enrolled in a program of study that is at least a full academic year. (First-year student < 30 Credit Hours)

• $4,500 for students who have completed their first year of study and for whom the remainder of their academic program is at least a full academic year. ( Second-year student => 30 Credit Hours)

• For periods of study that are less than an academic year, the amounts that can be borrowed will be less than those listed. Students should talk to a financial aid counselor to find out how much can be borrowed.

Loan Maximums
As part of our default management plan, Annual Loan limits for Subsidized and Unsubsidized Stafford loan is $23,000 Subsidized and $43,000 in Unsubsidized (which includes loans received while in attendance at another college).