The Non-Subsidized Stafford Loan is for students who do not qualify for the Subsidized Stafford Loan Program. The interest rate, terms and conditions are the same as the Subsidized Stafford except the borrower is responsible for the interest that accrues while the student is enrolled in school. Annual and total loan limits are the same as the Stafford less any amount the borrower receives under the Subsidized Stafford Loan Program. The parents are eligible to borrow up to the cost of education less any other aid received. The interest rate is variable and is reset annually by the federal government.
Interest begins accruing at the time of disbursement.
Repayment may begin within 60 days of disbursement unless payments are deferred. Deferring the payments, however, does not defer the interest that is accruing. Federal aid provides the funding for the Pell grants. These direct grants are available to eligible students. Economic need of the student is the sole consideration in awarding these grants which are administered by the college.