MBA Stafford loans
Stafford loans carry the lowest interest rates available and offer a wide array of repayment options. Apply for an MBA LOANS Stafford Loan through the MBA LOANS program and you'll be eligible for up to $20,500 annually.
Eligibility
- You must attend a school that participates in the federal Stafford loan program.
- You must be a U.S. citizen or permanent resident.
- You must be enrolled or plan to enroll at least half time.
- You must have submitted a FAFSA.
Features
- The Stafford loan has money-saving benefits that can save you money in repayment.
- Flexible repayment options are available, including consolidation on the Stafford loan.
- No payments are required while you are in school.
- You can manage your account online 24/7.
- You get life-of-loan servicing from Sallie Mae.
- You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
- There is no prepayment penalty.
Loan terms
Loan limits
You may borrow up to $20,500 per year in Stafford loans with a lifetime maximum of $138,500.
For loan first disbursed on or after July 1, 2007, the limit is $20,500.
Interest rate
The Stafford loan interest rate is fixed at 6.8%.
Fees
For loans first disbursed July 1, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. For loans first disbursed July 1, 2008–June 30, 2009: Up to 2% fees that includes a 1% federal origination fee and 1% federal default fee. There are lenders and guarantors that work with Sallie Mae that pay all or a portion of these fees.
Repayment
Legal
- Repayment begins immediately following a six-month grace period after you graduate, leave school, or fall below half-time status.
- Grad Rewards is a service mark of Student Loan Finance Association.
- Interest rate reductions are available only during active repayment.
- MBA LOANS is a registered service mark of Sallie Mae, Inc.