Federal Stafford Loan
What is it? A long-term loan which students begin to repay six months after they graduate or drop below half-time enrollment. The interest rate is a fixed 6.8%.
Subsidized & Unsubsidized: A subsidized loan is when the government pays the interest while the student is enrolled. An unsubsidized loan is when the student is responsible for the interest while enrolled in school. Interest begins to accrue on the day funds are disbursed and can be paid quarterly or capitalized and added to the loan principal. Borrowers can receive subsidized and unsubsidized loans for the same period, but the combined total of both programs can not exceed the annual loan limits.
Who qualifies? Students enrolled for at least six credits per semester.
How much can I borrow? The annual loan limits are based on the number of completed credits at UPG:
$3500 for Level 1 students
$4500 for Level 2 students
$5500 for Level 3 and 4 students
Independent students may borrow an additional $4000 to $5000
How do I apply? Stafford borrowers must complete the FAFSA, the Stafford Master Promissory Note, and the Entrance Counseling Interview. If selected, all Verification forms must be submitted.