Unsubsidized Federal Stafford Loans

The Unsubsidized Federal Stafford loan* is available to all students regardless of income. Because this loan is not subsidized by the government, you are responsible for all interest that accrues while you are in school, in deferment or during your grace period. You may choose to make interest payments while in school or may defer (and continue to accumulate) the interest until repayment. The interest rate as of 7/1/06 is at a fixed rate of 6.80 percent.

The total borrowed from both Subsidized and Unsubsidized Stafford may not exceed $3,500 for freshman or $4,500 for sophomores. Independent students may borrow up to an additional $4,000 per academic year.

*Loan counseling required