However, neither NDEA loans nor Veterans Administration benefits bar state awards. Students must complete the Stafford Loan application and submit it to the Financial Aid Office. The completed application is presented to the Financial Aid Office at the postsecondary institution the student attends. Once completed by the Financial Aid Office, the application will be forwarded to the student's lending institution. Stafford Loan eligibility is affected by changes in credit hours taken and in the amount of outside and department aid received.
Borrowers can receive both subsidized and unsubsidized loans for the same loan period.
Students will use one common application form for both unsubsidized and subsidized Federal Stafford Loans. Interest rate and loan limits are the same as for the subsidized Federal Stafford Loan, with interest payments beginning on the day the loan is disbursed. Interest payments can be paid monthly, quarterly, or can be capitalized by the lender and added to the loan principal. However, the total amount borrowed in any academic year cannot be greater than the cost of attendance minus all other aid received. Interest payments may be deferred until the student leaves school, but interest will accrue and can be capitalized by the lender and added to the principal.