Federal Student Loans

Federal loans

These loans are part of student financial aid packages and are determined by information submitted on the FAFSA. They:

  • have fixed interest rates
  • can be interest free while in school
  • are deferred while in school at least half time
LoanAmountInterest Rate
Federal Direct Stafford Loans $5,500* - first year (up to $3,500 subsidized)
$6,500* - second year (up to $4,500 subsidized)
$7,500* - other years (up to $5,500 subsidized) 
3.86% fixed rate 
Federal Perkins Loan Up to $2,000 for the first and second year (subsidized) 5% fixed rate (subsidized)

*Independent students are eliglible for an additional $4000 of unsubsidized loan per year

Repayment

Repayment of federal student loans is not required* until you graduate or are enrolled in college less than half time. Once you complete school, you are given a grace period before repayment begins. You have 10 years to repay your federal student loan under standard repayment.

Federal Loan Repayment Begins
Federal Perkins Loan 9 months after leaving school or enrolled less than half time
Federal Direct Stafford Loan 6 months after leaving school or enrolled less than half time

*You may start repaying your loans or loan interest while you are still in school.