Federal Stafford Loan
Direct
Stafford Loans are available to undergraduate and graduate students enrolled at
least half-time in an eligible degree or certificate program to pay for their
educational costs. Borrowers must file a FAFSA to be considered for this
loan.
Stafford loans may be subsidized,
unsubsidized or a combination of both depending on your need as determined by
information on your FAFSA. The federal government will pay the interest on
subsidized loans while you are in school, for the first 6 months after you graduate,
your enrollment drops below half-time or leave school, and any periods of
deferment. Interest on unsubsidized loans will start accruing at the time of
each disbursement.
The
University of Colorado Denver recently made the decision to move the Anschutz
Medical Campus into the Direct Loan Program for the 2008-09 school year. Click
here to view a
list of questions and answers related to the Direct Loan Program that should
help families understand how this program will serve their student.
For information about federal student aid from the U.S. Department
of Education, visit www.studentaid.ed.gov. Your Master Promissory Note
will also include the terms and conditions of the loan.
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Federal Stafford Loan
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Benefits and Features
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Eligibility
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- Fixed
interest rate
- Direct Loans are not sold
- Stafford Loans can be consolidated with other federal loans
- Borrowers
have a single contact for everything from application to repayment
- Flexible
repayment options
- Payments
are deferred while you’re in school
- 6
month grace period before repayment begins
- There
are no pre-payment penalties
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- Must
be enrolled at least half-time in an eligible undergraduate, graduate or
professional degree or certificate program.
- Cannot
be in default on any federal student loan or owe a refund on a federal
student grant.
- Must
have a valid social security number
- Must
be a U.S. citizen or eligible non-citizen.
- Must
be registered with the Selective Service if required.
- Continuing
students must meet satisfactory academic progress standards.
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Annual Loan Limit
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Lifetime Aggregate Limit
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Dependent
Undergraduates (Juniors
& Seniors)
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$5,500
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$23,000
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Independent
Undergraduates (Juniors
& Seniors)
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$10,500
1
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$46,000
2
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Graduate
Students
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$20,500
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$138,500
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Professional
Students
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$20,500
3
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$224,000
4
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1 No more
than $5,500 can be subsidized.
2 No more
than $23,000 can be subsidized.
3 No more
than $8,500 can be subsidized. Professional students may be eligible for
additional unsubsidized loans depending on their cost of attendance.
4 No more
than $65,000 can be subsidized, includes loans for undergraduate study.
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