How much do you get for a Stafford loan?
Annual Maximum Loan Limits
| Grade Level | Dependent Students |
|---|---|
| Freshman: 0 – 29 credit hours | $5,500 (no more than $3,500 subsidized) |
| Sophomore: 30 – 59 credit hours | $6,500 (no more than $4,500 subsidized) |
| Junior/Senior: 60+ credit hours | $7,500 (no more than $5,500 subsidized) |
| Graduate Students | N/A |
How much can you get with a Direct Stafford Loan?
Maximum Loan Amount: up to $20,500 annually (depending on your grade level, your status as a dependent or independent student, your status as an undergraduate or a graduate student, and your total cost of attendance).
Are Stafford loans a good deal?
Stafford student loans can be a smart way to finance your college education. Since they come with relatively low, fixed interest rates, they should probably be your first pick before turning to a PLUS loan or a private student loan.
What are the benefits of a direct Stafford loan?
What are the advantages of a Stafford loan? Stafford loans have a low fixed interest rate, so the size of your payment won’t increase if interest rates rise. They also offer free insurance, so the debt will be canceled if the student dies or becomes disabled.
Do you get a refund for a Direct Stafford Loan?
If the amount you borrow is higher than the amount of your tuition/fees, the difference will be refunded to you. Please note that refund checks are processed within 14 business days of the credit appearing on your student account.
How long do I have to pay off my Stafford loan?
You have six months to begin repayment on Stafford loans after graduation, or after you leave school or drop below half-time enrollment. Older Stafford Loans may have a longer grace period. Interest will not accrue while you are in school, and during the grace period for subsidized Stafford loans.
Is Stafford Loan per semester?
College of the Canyons participates in the Federal Direct Stafford Student Loan Program funded by the Federal government. Federal law requires that a student borrower must be enrolled at least half-time, defined as 6.0+ units per semester.
Are Stafford loans forgivable?
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more about the PSLF Program to see whether you might qualify.
Is Stafford loan the same as FAFSA?
A federal Stafford loan is one type of federal aid you’re screened for when you submit a FAFSA. Subsidized Stafford loans are available to students who have financial need, and the interest on these loans is subsidized by the government while the student it in school.
Can you be denied a Stafford loan?
Can you be denied a federal student loan? Yes, you can be denied a federal student loan for many reasons. It’s a common misconception that completing a FAFSA loan application means you’ll automatically get approved for federal student loans. In reality, not everyone is eligible.
How long does a Stafford loan take to process?
around 1 to 3 weeks
Short answer: it takes around 1 to 3 weeks to process a federal student loan, and 2 to 10 weeks to process a private student loan.
What is the maximum amount of federal student loans?
The maximum amount you can borrow depends on factors including whether they’re federal or private loans and your year in school. Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.