Federal Stafford Loans
Subsidized Stafford Loan:
This need-based loan carries a fixed interest of 6.0% (effective July 1, 2008), and is available for students who demonstrate financial need. Repayment and interest accrual begin six months after graduation or ceasing at least half-time enrollment. Annual and aggregate maximum loan limits apply.
Unsubsidized Stafford Loan:
Students who do not demonstrate financial need may receive the Unsubsidized Stafford loan, however, interest begins accruing immediately. The fixed interest rate is 6.8% effective July 1, 2006. Repayment begins six months after graduation or ceasing at least half-time enrollment. Annual and aggregate maximum loan limits apply.
Loan Counseling Requirement:
Before you can receive your federal Stafford loan, you must complete the online loan counseling requirement. Loan counseling, also called entrance counseling, will provide you with important information about your rights and responsibilities as a Stafford loan borrower.
When you successfully complete your online loan entrance counseling Dominican will be automatically notified.
Please click here to complete the Stafford Loan Entrance Counseling
Master Promissory Note:
The MPN is a legal contract between you and your chosen lender, by which you agree to repay you loan under the specified terms. Your lender will contact you with information about how to sign. You will not need to complete a new MPN in future years when you apply for your Stafford loan while you continue to attend Dominican and remain with the same lender.
Selecting a Lender:
We have carefully selected our preferred lenders based on the best available benefits and services for our borrowers. We encourage you to review our explanation of our selection process for preferred lenders. You are not obligated to choose one of our preferred lenders; you are welcome to choose any lender that participates in the FFELP loan program.
Stafford Annual Loan Limits:
Stafford loan eligibility depends on your grade level and federal aid eligibility, your total aggregate borrowed amount, and your enrollment status. Below are the maximum annual limits based on student’s grade level:
|
Grade Level/Program |
Subsidized |
Unsubsidized |
|
Undergraduate Level 1 |
$3,500 |
$ 4,000* |
|
Undergraduate Level 2 |
$4,500 |
$ 4,000* |
|
Undergraduate Level 3 |
$5,500 |
$ 5,000* |
|
Undergraduate Level 4 |
$5,500 |
$ 5,000* |
|
Credential Programs |
$5,500 |
$ 7,000 |
|
Master’s Programs |
$8,500 |
$12,000 |
*For undergraduate federally-independent students.
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