First-time borrowers at Anna Maria College must also complete an entrance interview counseling session before the Stafford Loan is processed to learn their rights and responsibilities as a borrower. A 4 percent guarantee and origination fee is deducted from the total loan amount prior to disbursement by the lender. Interest rates are variable and will not exceed 8.25 percent. If a student is a previous Stafford Loan borrower, the previous lender will process the new loan. A new borrower's loan will be processed through one of Anna Maria College's four preferred lenders.
Interest begins accruing once the lender disburses the loan.
Refer to the previous paragraph for processing information. Lo - this.