The repayment schedule is usually 10 years. The most commonly used student loan at St. Olaf, the Stafford Loan is a low cost and flexible loan that is available for all students who have a need for funds. The federal government picks up the interest on the subsidized loan while the student is in-school. Repayment of the principle and interest beings six months after the student leaves school. The Stafford Loan is a federally guaranteed loan that has special features designed for new college graduates.
Payment is also easily deferred during at least half-time enrollment in graduate school.
The Stafford Loan is available through private lenders. In June, St. Olaf will provide incoming students with information about lenders we use most recently and who offer some cost-saving benefits to our students. However, the student may choose any lender that participates in the Stafford Loan program. The subsidized Stafford Loan is need-based. Some students qualify only for the subsidized loan, others only for the unsubsidized, and others for a mixture of both.