Quick question about Stafford loans

Proggle · Mar 26, 2009

I am analyzing my payment options for my last year of college and I just wanted to confirm this:

You do not have to make payments for your undergrad Stafford loans if you are enrolled as a full-time student in a PhD program--right? In other words, interest may accumulate, but I would not be required to actually pay anything until I get my graduate degree.

Proggle · Mar 27, 2009

Anyone? I'm sure there's someone who took loans as an undergrad and then went to grad school around here...

maze · Mar 27, 2009

For my government subsidized loans (including stafford), being in a grad program full time means that the government is required to pay the interest during that time. I believe there is a law passed that requires this, but check with your undergraduate office of financial aid to make sure.

Quick question about Stafford loans

1. What are Stafford loans?

Stafford loans are a type of federal student loan offered by the U.S. Department of Education to help students pay for their college education. They are also known as Direct Loans and are available to both undergraduate and graduate students.

2. Who is eligible for Stafford loans?

To be eligible for Stafford loans, you must be a U.S. citizen or eligible non-citizen, enrolled in an eligible college or university, and enrolled at least half-time in a degree or certificate program. You must also meet certain financial need requirements.

3. How much can I borrow with a Stafford loan?

The amount you can borrow with a Stafford loan depends on your year in school, your dependency status, and your financial need. The maximum amount for undergraduate students ranges from $5,500 to $12,500 per year, while graduate students can borrow up to $20,500 per year.

4. What is the interest rate for Stafford loans?

The interest rate for Stafford loans is fixed and determined by the government each year. For loans disbursed between July 1, 2021 and June 30, 2022, the interest rate for undergraduate loans is 3.73% and for graduate loans is 5.28%.

5. When do I have to start repaying my Stafford loans?

Similar threads

Hot Threads

Recent Insights