Applying for a Federal Stafford Loan

What is it?	A long-term federal loan which students begin to repay six months after they graduate or drop below half-time enrollment. The interest rate for graduate students is a fixed 6.8%.

Who qualifies?	The student must be enrolled in school at least half-time per term. (Master program half-time equals six credit enrollment.) The student must be a U.S. citizen or an eligible non-citizen and be registered for the Selective Service.

Subsidized and 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.

How much can I borrow?	Graduate students may qualify up to $20,500 for one academic year. In most circumstances, students may apply for the three terms at one time; a third of the loan will be disbursed for each term. A student needs to reapply each academic year. Graduate students may borrow up to a lifetime amount of $138,500 from the Federal Stafford Loan program.

Is there a fee for my Direct Loan?	Yes, all students pay a 1.5% Origination Fee. The fee is a percentage of the amount borrowed. Fees are deducted before the loan is disbursed into the student's account. A 0.5% will be deducted at the time of disbursement. The additional 1% fee will be deferred until the loan enters repayment. If the borrower makes 12 on-time payments, the 1% fee will be added to the balance.

How do I apply?	Stafford borrowers must complete the FAFSA, PTS forms, the Stafford Master Promissory Note, and the Entrance Counseling Interview. If selected for Verification, the student must supply the Verification Form, federal 1040 and W2's.
	Students should visit www.StudentLoans.gov to complete the Federal Direct Loan Stafford Master Promissory Note and Federal Stafford Entrance Counseling Session.
	Students need to submit the "PTS Stafford Loan Request Form" to the Financial Aid Office for each loan.

For additional information, please read:

"Federal Direct Loan Program, Frequently Asked Questions"

Cost of Attendance
How to Apply
Types of Aid
Academic Eligibility
Work Support Program
Outside Scholarships
PC(USA) Programs
Financial Aid Forms
Frequently Asked Questions
Return of Title IV Funds
Code of Conduct
D.Min. Financial Aid