A new promissory note is no longer required each time you borrow. Prior borrowers will be approved for the amount indicated on the award letter. A guarantee and disclosure statement will be provided to you once the lender approves your loan. If you do not wish to borrow the amount listed on your award letter, please indicate a lesser amount on the letter. Stafford Loans are available to undergraduates and graduates enrolled at least half-time .
Lenders deduct an origination fee and insurance premium from each disbursement .
Federal Stafford Loans may be subsidized or unsubsidized. You do not pay interest on the loan if you continue to be enrolled at least half-time . Once you graduate or withdraw, payments and interest begin after a six-month grace period. Interest will be charged from the time the loan is disbursed to you until it is paid in full. You can choose to pay the interest while you are in school or allow it to accumulate.