Foreign students are not eligible for these loans. This total includes any amount previously borrowed under Federal Perkins Loans for undergraduate study. Repayment for new borrowers begins nine months after the student graduates or leaves school. Eligibility for such a loan is based on demonstrated financial need. The Stafford Loan program enables the student to borrow directly from a bank or other financial institution.
All loan applications are subject to a financial analysis in order to determine eligibility.
The interest rate for first-time borrowers is variable with a cap at 9 percent. Eligibility is based on demonstrated financial need. Graduate students may apply if enrolled at least half-time. Jobs may be arranged either on campus or off campus with a public or private nonprofit agency such as a hospital. If eligible, a student may be employed for as many as 15 hours a week during regular academic sessions and 40 hours per week during vacation periods.