The Federal Stafford Loan is a non-credit based education loan for undergraduate and graduate pupils.

The Federal Stafford Loan is a non-credit based education loan for undergraduate and graduate pupils.

There are two main fundamental kinds of Stafford loans: subsidized and unsubsidized. Both have 6 thirty days elegance duration (a period whenever a student is not any longer enrolled for at half-time that is least and never necessary to make payments) and fixed interest levels, that are determined every year on July first. To see the present rate of interest, please look at the Loan Comparison Chart in the Loan Program website. Please see the differences when considering the Subsidized and Unsubsidized loans below.

Subsidized Loans

Federal federal Government pays the attention with respect to the pupil as the pupil is within the deferment duration and elegance duration.

When in payment, the pupil is in charge of having to pay the attention in the loan in addition to the main amount lent.

The student’s price of attendance must go beyond his/her Expected Family Contribution (EFC) to qualify for “need-based” help (such as for example grants, scholarships and subsidized loans).

The EFC is dependent on information gathered through the complimentary Application for Federal scholar help (FAFSA). The quantity of the subsidized loan along with other “need-based” aid cannot exceed the student’s “financial need. ”

Subsidized loans can be obtained simply to undergraduate pupils.

Federal Direct Subsidized Loan Time Limitation

Pupils that are considered brand brand new borrowers or very first time borrowers on or after July 1, 2013, are restricted within the timeframe they might qualify for interest subsidy. As soon as these pupils have surpassed 150 per cent associated with the published duration of their present level system, they’ll certainly be:

  • Ineligible to borrow any longer Federal Direct Subsidized Loans
  • Eligible to borrow more Federal Direct Unsubsidized Loans so long as the Aggregate that is total Limit maybe maybe not been met
  • In charge of any interest that accrues in the Federal Direct Subsidized loans after surpassing the 150% restriction.

New borrowers are pupils that have no outstanding student that is federal principal balances during the time they make an application for a fresh federal loan on or after July 1, 2013.

For further details, please follow this link.

Unsubsidized Loans

Federal federal Government will not spend the attention with respect to the student.

Rather, the debtor accounts for all of the interest that accrues and capitalizes through the right time the mortgage disburses.

Separate students are entitled to greater amounts that are unsubsidized reliant pupils. See our web page on Borrowing Limits.

The amount of the unsubsidized loan combined with other aid cannot exceed the total estimated cost of attendance though it is non-need based aid

Stafford Loan Eligibility Criteria:

Students Should:

  • File the FAFSA.
  • Be described as a U.S. Citizen or qualified non-citizen.
  • Have senior school diploma or equivalent.
  • Be completely admitted and meet UCF Admission needs.
  • Be categorized as level looking for at UCF in a program that is eligible.
  • Enroll for at minimum half-time at UCF in UCF classes at period of disbursement. To learn more regarding half-time enrollment be sure to view our Program Eligibility Chart.
  • Preserve UCF’s Guidelines for Satisfactory Academic Progress (SAP).
  • Complete all required To Do List Items.
  • Complete verification (if chosen).
  • If in receipt of a Federal Stafford Direct Loan in this scholastic 12 months at another institution, make sure the remaining of this loan is canceled before using for a financial loan at UCF

Pupil Cannot:

  • Standard on any loan that is educational owe repayment on a federal grant as of this or other organization.
  • Borrow more than federal loan restrictions

Borrowing Limitations

The total blended amounts students may borrow in subsidized and unsubsidized Stafford loans may well not surpass the loan that is annual or aggregate restrictions, that are specified in federal laws. Please view our Borrowing Limits website to get more information.

Just how to Apply for the Federal Stafford Loan

File the complimentary Application for Federal scholar Aid (FAFSA) when it comes to current help 12 months. ( We advice you file because of the concern due date of December 1st. )

After UCF gets the total outcomes of the FAFSA from the Federal Processor, we are going to immediately provide the maximum Federal Direct Stafford Subsidized and Unsubsidized Loan centered on your eligibility.

Accept, reduce, or drop your provided loan(s) for every single term individually regarding the myUCF View Financial help display by pressing the “Accept/Decline honors” button and showing your selection.

Fall loans must be accepted by September fifteenth, in order to prevent termination associated with the offer.

Spring loans must certanly be accepted by March 22nd, to prevent termination for the offer.

Loan Adjustment and Reinstatement

The online Loan Adjustment Request kind can be acquired through the types web web page from the beginning of each semester up to the adjustment/reinstatement due date. You may submit an online Loan Adjustment Request Form by the following deadlines if you would like your loan eligibility reviewed for either an increase or reinstatement:

Year 2019-2020

Loan Period Adjustment / Reinstatement Deadline Award Year
Autumn 2018 11/15/19 2019-2020
Spring 2019 4/03/20 2019-2020

Complete the online Master Promissory Note should this be your time that is first borrowing Federal Direct loan.

Finish the on line Entrance Counseling should this be very first time borrowing a primary loan at any school.

Transfer Students

If perhaps you were granted a Federal Stafford Direct Loan in this scholastic 12 months at another institution, ensure that the remaining of this loan is canceled at your past school before using for a financial loan at UCF.

Getting aid that is financial from another organization inside the same educational 12 months might have an impression in your remaining help eligibility at UCF.

Disbursement of Loan

For details about loan disbursements, please check out our Disbursement of Financial help webpage.

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