If you move, change your name, change your telephone number, change schools, drop below 6 credits, or if you are unable to make your loan payment due to financial hardship, you MUST contact the servicer of your loan. Repayment on a Federal Stafford Loan begins 6 months after you graduate, drop below 6 credits, or leave school. You may make interest and principal payments at any time. Students are encouraged to make their interest payments on their Unsubsidized Federal Stafford Loans while they are in school. There are maximum annual and aggregate limits on Federal Stafford Loans.
Individual awards are also limited to the student's eligibility and cost of attendance.
Before taking on the responsibility of Federal Stafford Loan indebtedness, students first need to determine how much loan funding they need for the academic year. Budgeting for the academic years is a wise move for all students, but it is imperative for students taking out Federal Stafford Loans. Borrow only the amount of loan funding that you need to meet your expenses. Take time to determine the amount of loan funding you will need to meet your expenses while in school. Using this sample expense sheet , fill in the blanks with how much you anticipate you will spend in each of the categories.