Stafford Subsidized and Unsubsidized Loans
Description |
- Low interest federal student loan
- Depending on student's demonstrated federal financial need, loan may be subsidized or unsubsidized
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Eligibility |
- Awarded by Financial Aid Office
- U.S. citizen or permanent resident
- Enrolled at least half-time in degree program
- No previous defaults on a federal loan
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Annual Subsidized Loan Limits for Undergraduates |
- Freshman - $3500
- Sophomore - $4500
- Junior/Senior - $5500
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| Annual Unsubsidized Loan Limits for Undergraduates |
- Freshman - $6000
- Sophomore - $6000
- Junior/Senior - $7000
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| Subsidized Interest Rate |
- 6.0% for loans disbursed July 1, 2008 - June 30, 2009 *
- Subsidized by the federal government during in-school and grace period
- Interest may be paid while in school or capitalized
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Unsubsidized Interest Rate |
- 6.8% Fixed
- Interest begins to accrue after first disbursement
- Interest may be paid while in school or capitalized
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Fees |
- Up to 3% depending on lender
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Repayment |
- Begins 6 months after graduation or less than half time enrollment from the University
- Payment up to 10 years
- Graduated and income sensitive payment options available
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Disbursement |
- Funds are disbursed at the beginning of each term awarded
- Master Promissory Note and Entrance Counseling are required for new borrowers
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Lenders |
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* Please note: The College Cost Reduction Act, mandated by the U.S. Department of Education lists the following interest rate schedule on subsidized Stafford Loans:
5.6% for loans disbursed July 1, 2009 - June 30, 2010
4.5% for loans disbursed July 1, 2010 - June 30, 2011
3.4% for loans disbursed July 1, 2011 - June 30, 2012
How to Apply:
First Time Borrowers
- Complete and submit a Federal Application for Student Aid (FAFSA) at www.fafsa.ed.gov
- Stafford Loan eligibility will be determined by the federal government and reported to Duke's Financial Aid office for inclusion in the student's award notification letter.
- Complete and return the First Time Borrower Form included in the Duke Financial Aid award notification packet to the Student Loan Office. This will enable you to choose your Lender and the Student Loan Office to certify the loan.
- Complete the required combined Stafford/Perkins Entrance Counseling at www.mappingyourfuture.org
- You will receive an email from the lender with regards to the website and instructions on how to complete your promissory note online. It is imperative that you sign and complete a Master Promissory Note. Failure to submit the completed Promissory Note will result in the cancellation of your loan. Prior to the disbursement of the loan, the lender will mail a disclosure statement that outlines the approved loan amount, the terms of the loan, applicable loan fees, etc.
Continuing Students
- Complete and submit a Federal Application for Student Aid (FAFSA) at www.fafsa.ed.gov
- Stafford Loan eligibility will be determined by the federal government and reported to Duke's Financial Aid office for inclusion in the student's award notification letter.
- The Student Loan Office will certify the loan.
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