The approximate interest rate is 8.25 percent. No interest accrues on a subsidized loan, and no payments need to be made while you attend college at least half-time. Unsubsidized loans do accrue interest while you attend college. A separate application is required. For first time, Western Stafford loan borrowers, you must complete Entrance Loan Counseling before the loan application can be processed.
Student loans have a yearly maximum borrowing limit.
Students might not be eligible for the full year maximums. Loans are disbursed in equal amounts over the school year.