Lesser credit load will cause a reduced award. Awarded in spring for the coming academic year. Federal government pays the interest until repayment begins nine months after student graduates, withdraws, or drops below half time. Five percent interest with up to 10 years for repayment. Federal government pays the interest until repayment begins six months after student graduates, withdraws, or drops below half time.
Previous borrowers retain their original interest rates.
In 1999-2000 the variable rate was 6.32 percent. Loans are made through a bank, savings and loan, or credit union. Borrowers may receive both subsidized and unsubsidized Federal Stafford Loans totaling up to the applicable Stafford limit. Federal PLUS Loan Cost of attendance minus other aid Parent of dependent students. Repayment of principal and interest begins immediately.