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School Code:  002008

 

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Financial Aid Glossary

Glossary

Federal Stafford Loan Interest Rates

The interest rates for Federal Direct Stafford Loans first disbursed on or after July 1, 2014 are:

Undergraduate Subsidized and Unsubsidized Stafford Loans are 4.66%

Graduate Unsubsidized  Stafford Loans are 6.21%

You'll pay a fee of up to 2.5 percent of the loan, deducted proportionately from each loan disbursement. A portion of the fee is for insurance used to pay off loan defaults; the rest reduces the cost of the loan to the government. Because of this deduction, you'll receive slightly less than the amount you're borrowing.

For more in-depth information on Stafford Loans, go to http://www.finaid.org/loans/studentloan.phtml.

Below is an example of a beginning freshman's Stafford Loan disbursement:

First year loan amount $ 3,500
Amount available per quarter ($3,500 ÷ 3) 1,167
Less Lender Origination Fee (2.5%) -       29
Net Amount received to pay fees $ 1,138


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