The remainder will be unsubsidized. Bowdoin will recommend either the amount the student wants or up to whatever maximum the law permits and inform the student of the recommended loan amount in an acknowledgment when the loan is processed and sent to the lender. We are not permitted to process applications when information is missing or incomplete. After the College has confirmed the student's enrollment and provided the required information about educational costs and the amount the student is entitled to borrow, the application will be sent to the lender. The Bowdoin Student Aid Office will approve whatever amount the student wants to borrow up to either the annual limit or to the maximum allowable under the federal formula.
Interest is charged on unsubsidized loans upon disbursement.
The interest rate for Stafford loans is variable and changes annually. These are outlined in the promissory note such borrowers have signed. If the lender and borrower agree, a lower monthly payment is possible in cases of hardship. The borrower may choose to pay the loan back at a faster rate without penalty. Repayment may also be allowed on a graduated or income-sensitive schedule.