Your FAFSA results will determine if you are eligible for a Subsidized or Unsubsidized Loan.
- Subsidized Loan = The Department of Education pays the interest for you while you are enrolled in college at least half time.
- Unsubsidized Loan = You pay the interest while you are in college at least half time. You may choose to capitalize the interest in order to avoid making payments if you wish. However, this will result in you paying interest on the interest. If it is at all possible, choose to make the interest payments. To help you determine what your payments will be, you may wish to use a loan repayment calculator .
The amount you may borrow depends on the number of college credits you have completed.
Freshmen:$2625 Sophomore:$3500 Junior/Senior:$5500
If you are considered an Independent Student on the FAFSA (you didn't need to give parental tax information), you may be eligible for an additional Unsubsidized loan. You may also be eligible for the additional Unsubsidized loan if you are a Dependent Student and your parent(s) were turned down for a PLUS (Parent Loan for Undergraduate Students) loan.
Freshmen/Sophomore:$4000 Junior/Senior:$5000
Newer Stafford loan borrowers may be eligible for Teacher Cancellation Privileges . You must follow deferment procedures during the school year in which you teach, and complete a cancellation request at the end of the school year.
