Federal Stafford loans for graduate students
Federal Stafford loans are fixed-rate student loans made to students who are attending colleges and universities participating in the federal financial aid system at least half time. Stafford loans are the most common and one of the lowest-cost ways to pay for school.
Eligibility
- You must have submitted a FAFSA to be eligible for a Stafford loan.
- For subsidized Stafford loans, you must have financial need as determined by your school.
- You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
- You must be enrolled or plan to enroll at least half time.
- You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.
- You must not be in default on any education loan or owe a refund on an education grant.
Features
- Sallie Mae lenders offer borrower/loan benefits on Stafford loans that can save you money in repayment.
- Flexible repayment options are available for Stafford loans.
- No payments are required while you are in school at least half time.
- You can manage your account online 24/7 at Manage Your Loans.
- There is no prepayment penalty.
- No credit check is required for a Stafford loan.
- Six-month grace period when no payments are required immediately following your graduation or dropping to less-than-half-time status.
Loan terms
Loan limits
| Freshman | $5,500
($3,500 between subsidized and unsubsidized, plus an additional $2,000 unsubsidized) |
| Sophomore | $6,500
($4,500 between subsidized and unsubsidized, plus an additional $2,000 unsubsidized) |
| Junior or senior | $7,500
($5,500 between subsidized and unsubsidized, plus an additional $2,000 unsubsidized) |
| Freshman | $9,500
($3,500 between subsidized and unsubsidized, plus an additional $6,000 unsubsidized) |
| Sophomore | $10,500
($4,500 between subsidized and unsubsidized, plus an additional $6,000 unsubsidized) |
| Junior or senior | $12,500
($5,500 between subsidized and unsubsidized, plus an additional $7,000 unsubsidized) |
| Graduate or professional | $20,500
($8,500 between subsidized and unsubsidized, plus an additional $12,000 unsubsidized) |
| Undergraduate dependent lifetime limit | $31,000
(up to $23,000 may be subsidized) |
| Undergraduate independent lifetime limit | $57,500
(up to $23,000 may be subsidized) |
| Graduate or professional lifetime limit | $138,500
(up to $65,000 may be subsidized) or $224,000 (for health professions). Limits may vary by school. See your financial aid officer for more information. |
For loans first disbursed on or after July 1, 2008. Exceptions may apply to certain graduate students.
Interest rate
The interest rate on subsidized Stafford loans for undergraduate students that are first disbursed July 1, 2009–June 30, 2010 is 5.6%. For all subsidized Stafford loans for graduate and professional students, and for all unsubsidized Stafford loans for all students, the interest rate is fixed at 6.8%.
Fees
For loans first disbursed July 1, 2009–June 30, 2010: Up to 1.5% in fees that includes a 0.5% federal origination fee and a 1% federal default fee.
Legal
- Repayment begins immediately following a six-month grace period after you graduate, leave school, or fall below half-time status.
- You are responsible for all of the interest that accrues on your unsubsidized Stafford loan while you are in school, but you do not have to pay the interest during this time. Unpaid interest that is deferred until after graduation is capitalized (added to the loan principal) and you will therefore pay interest on a higher loan amount. Interest that accrues on subsidized Stafford loans while you are in school, during grace, and during authorized deferment is paid by the federal government.