The amount of the loan is based on demonstrated financial need, up to the maximum. The Federal Stafford loan has a variable interest rate. The rate is adjusted each year and is currently capped at 8.25 percent. Repayment of subsidized Stafford Loans begins six months after leaving school, and borrowers may be allowed up to ten years to repay the loan. Students borrowing funds through the Unsubsidized Stafford Loan program are responsible for monthly interest payments while enrolled.
Principal payment is deferred until six months after graduation.
Consolidation programs, which may allow a longer repayment period, are also available. Information and application forms are included with the Financial Aid Award Notification Letter. This program is not need-based and may be used in lieu of the family contribution. Repayment normally begins within 60 days of disbursement. Applications are available through the College's Financial Aid Office or a lender.