Stafford Loan Terms & Conditions
Undergrad Student Fully Enrolled
ANNUAL LOAN ELIGIBLE AMOUNT
| 1st Year |
$3,500 |
$5,500 |
| 2nd Year |
$4,500 |
$6,500 |
| 3rd Yr & Up |
$5,500 |
$7,500 |
| 1st Year |
$3,500 |
$9,500 |
| 2nd Year |
$4,500 |
$10,500 |
| 3rd Yr & Up |
$5,500 |
$12,500 |
Limits applicable to loans disbursed after July 1, 2008.
ELIGIBILITY Applicant must be a US citizen, permanent resident or eligible non-citizen and enrolled in an approved college or university. All universities and colleges require the following documentation, and some have the ability to do a majority of these steps electronically. Please follow your institution's published guidelines; if there are none published, please follow these steps:
-
Students must fill out the Free Application for Federal Student Aid (FAFSA). You may do so online at www.fafsa.ed.gov
 . (Note: when loading the school code on-line you must enter the letter "G" in place of the first "0" in the code).
- After completing the FAFSA, you will receive a Student Aid Report (SAR); you should mail a copy of this (as most foreign colleges and universities cannot receive your SAR electronically), along with the Master Promissory Note (MPN) and the School Certification form to your school for processing
- Your institution will then assess your eligibility and if you are eligible will certify your Stafford loan(s) and submit the forms to our guarantors for disbursement.
- Students MUST complete the FAFSA and submit a new MPN to their schools each year.
LOAN AMOUNT The "Subsidized" Stafford amount is based on need assessed with the completion of the FAFSA form. The federal government pays the interest on your subsidized loan amount while you are "in-school". The "Unsubsidized" Stafford amount is based on the cost of education less other sources of financial aid and loans. Through both programs, you may borrow the maximum amounts listed above. In general students must be at least 24 years old to qualify for independent undergraduate status; there are exceptions. Please call IEFC for details.
RATES - For loans with first disbursement dates between July 1, 2008 and July 1, 2009.
| Stafford Loan Interest and Repayment Benefits |
| Lender Code |
803000-55 |
| Lender |
Chase |
| Origination Fee |
1.00% |
| Default Fee |
0.00% |
Interest Rate - In school, grace and deferment
Subsidized Stafford
Unsubsidized Stafford
|
6.00%
6.80%
|
| Interest Rate Reduction– Chase offers a .25% interest rate reduction at repayment for borrowers who enroll in an auto-debit ACH repayment
|
-0.25% |
REPAYMENT/DEFERMENT Applicant has up to 10 years to repay the loan in standard repayment; options are available to extend your repayment term. Various deferment and forbearance options are also available. Please contact IEFC for more details.
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