Repayment begins six months after the student ceases to be enrolled at least half-time. The interest rate for new borrowers is variable and determined each July 1. The student must be enrolled for at least 6 hours of course work each semester to be eligible. The Stafford Loan Program now requires the payment of an origination fee equal to 3 percent of the face value of the loan which will be deducted from the proceeds of the Stafford Loan. Interest can be deferred on the Unsubsidized Stafford Loan or the student may choose to be responsible for payment of interest while in school.
Interest begins to accrue approximately six weeks after the first disbursement.
Not be in default on any educational loans or owe a refund on any federal funds. Be a U.S. citizen or eligible non-citizen. Be making satisfactory academic progress. Complete all required financial forms. Be admitted into a degree or certification program.