Student Financial Aid
Stafford
Loans
STAFFORD
LOAN INTEREST RATES
 INTEREST
RATE UPDATE
The
College Cost Reduction and Access Act reduces the interest rates
over the next four years for subsidized Federal Stafford
loans made to undergraduate students only. The
interest rates are as follows:
|
First
Disbursement |
Interest
Rate
Subsidized Federal Stafford Loan for Undergraduate
Students only |
|
Made on
or after: |
but
before: |
|
| 7/1/2008 |
7/1/2009 |
6.0% |
| 7/1/2009 |
7/1/2010 |
5.6% |
| 7/1/2010 |
7/1/2011 |
4.5% |
| 7/1/2011 |
7/1/2012 |
3.4% |
| 7/1/2012 |
7/1/2013 |
6.8% |
The interest rate for the undergraduate unsubsidized Federal
Stafford Loan and the Graduate/Professional degree
Subsidized & Unsubsidized Federal Stafford Loan will still
be at 6.8%.
STAFFORD
LOAN REPAYMENT
What may your
loan payment look like?
Use the following loan chart as a guide:
|
Amount of Loan Borrowed
|
Number of Payments |
Monthly
Payment Amounts |
| 6% |
7% |
8% |
9% |
| $5,500 |
60 |
$106 |
$109 |
$112 |
$114 |
| $10,000 |
60 |
$193 |
$198 |
$203 |
$208 |
| |
|
|
|
|
|
| $10,000 |
60 |
$193 |
$198 |
$203 |
$208 |
| $10,000 |
120 |
$111 |
$115 |
$121 |
$125 |
Visit the Loan
Payment Calculator web site to help you determine
your future payments based on your Stafford Loan balance.
LOAN
DEFAULT
Students
who are currently in default cannot receive any federal student
aid and the default will be reported to credit agencies,
affecting your ability to apply for any other forms of credit.
Contact the U.S. Department of Education at 1-800-4FEDAID if you
are in default
or if you have questions regarding the status of past loans.
|
.
