Repayment of this loan begins six months after you graduate, leave school, or drop below least half-time enrollment. The Master Promissory Note (MPN) and Entrance Counseling for this program should be completed through the Department of Education’s Direct Loan website. Additional eligibility is based on credit-worthiness. The student must submit a FAFSA form to determine eligibility for this Federally regulated program. Effective July 1, 2020, the interest rate is a fixed 5.30%.Ī student can borrow up to the cost of attendance less any financial assistance received. Graduate and professional degree students can borrow a Federal Direct Plus Loan to help cover education expenses. Repayment of this loan begins six months after you graduate, leave school, or drop below half-time enrollment. Mary’s accepting the Federal Unsubsidized Stafford Loan are required to complete the Master Promissory Note (MPN) and Entrance Counseling Session online. The maximum aggregate for Stafford loans is $138,500, of which no more than $65,000 may be subsidized.Īll first-time students at St. Students must submit the Free Application for Federal Student Aid (FAFSA), meet federal eligibility requirements, and enroll at least half time in a degree-seeking program. Effective July 1, 2020, the interest rate is a fixed 4.30%. The Direct Unsubsidized Stafford Loan is a non-need based loan and may be offered up to a maximum of $20,500 per academic year. Federal Direct Stafford Loan ProgramĮffective July 1, 2012, Direct Stafford Loans for graduate and professional degree students are unsubsidized which means, interest accrues while you are in school. As the name suggests, loans are financial aid funds which must be repaid. Applicants interested in seeking loans should initiate the financial aid process by completing the Free Application for Federal Student Aid, FAFSA.