SelectChoice Stafford Loan Terms and Conditions
Eligibility
You must be a U.S. citizen or permanent resident and be enrolled full- or half-time as an undergraduate or graduate student in an accredited school.
Loan Limits
| 1st year | $3,500 |
| 2nd year | $4,500 |
| 3rd year | $5,500 |
| 4th year | $5,500 |
| 1st year | $ 7,500 (maximum of $3,500 subsidized) |
| 2nd year | $ 8,500 (maximum of $4,500 subsidized) |
| 3rd year | $10,500 (maximum of $5,500 subsidized) |
| 4th year | $10,500 (maximum of $5,500 subsidized) |
Graduate and Professional Student
$20,500 for each year of study (maximum of $8,500 subsidized)1
Interest Rate
For loans disbursed on or after July 1, 2006: During in-school or deferment period: Fixed 6.8% During repayment period: Fixed 6.8%
Subsidized interest is paid by the federal government prior to entering repayment (during in-school, grace, or deferment periods). Unsubsidized interest is paid by the borrower throughout the entire life of the loan. Interest accrued while in a period of nonpayment, will be capitalized (added to the principal balance of the loan).
Fees
Origination fee: 1.5% Default fee: 1.0% (unless waived)
Repayment Terms
Loan(s) may be repaid over a maximum of 10 years. Repayment begins six months (grace period) after the borrower graduates, leaves school or drops to less than half-time status.
1 The graduate debt limit includes
Stafford Loans received for undergraduate study.
Information contained in this Web site is subject to change without notice, based on regulatory changes to the Federal Higher Education Act and/or upon financial market volatility impacting the ability of lenders to finance student loans. Benefits offered on loans already disbursed will not change.