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The Federal Stafford Loan is the largest and most commonly
used student loan program. It has both a subsidized and unsubsidized option
depending on the student's eligibility. Students may qualify for the subsidized
Stafford Loan if they show financial need. The federal government pays the
interest on this loan while the student is in school. Students without
financial need may borrow under the unsubsidized Stafford Loan program and are
fully responsible for all interest charges.
Eligibility: Undergraduate students or graduate
and professional students attending at least half time. The FAFSA must be
completed in order to determine eligibility.
Interest Rates for the 2009/10 academic year are:
- 5.60% for Stafford subsidized undergraduate and 6.80% for unsubsidized
- 6.80% for graduate students Stafford subsidized and unsubsidized
Fees for 2009/10:
- 0.5% origination fee
- A 1% default fee will be charged by the guarantor for loans disbursed on or after May 15, 2009
- Fees are deducted from the total loan amount disbursed to the school
Loan limits: The borrower limits listed
below are effective July 1, 2008.
Borrowing Limits for Dependent Students:
Grade Level 1 - $5,500 (up to $3,500 can be subsidized)
Grade Level 2 - $6,500 (up to $4,500 can be subsidized)
Grade Level 3 & above - $7,500 (up to $5,500 subsidized)
Borrowing Limits for Independent Students:
Grade Level 1 - $9,500 (up to $3,500 subsidized)
Grade Level 2 - $10,500 (up to $4,500 subsidized)
Grade Level 3 & above - $12,500 (up to $5,500 subsidized)
Graduates & Professionals - $20,500 (up to $8,500 subsidized)
Repayment: Repayment does not begin until 6
months after the student graduates, withdraws, or is attending less than half
time. The standard repayment term is 10 years. The extended repayment plan is for
up to 25 years and is available for borrowers with balances greater than $30,000.
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0.25% interest rate reduction for automatic payments via ACH
Apply Online & Electronically Sign Your
Application
RISLA reserves the right to modify or terminate
borrower benefit programs at its discretion and without prior notice.
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