In God We Trust

Federal Stafford Loan

The Federal Stafford Loan is awarded to students who file the FAFSA. The loan is distributed in two forms: subsidized and unsubsidized. Students with financial need receive a subsidized loan whereas students who do not demonstrate need have the option of an unsubsidized loan. The difference between the two is who pays the interest on the loan while the student is in school and during the six month grace period after graduation or dropping below half-time status. During this time the federal government pays the interest on a subsidized loan, and the student pays the interest for an unsubsidized loan. For either loan, the student is responsible to pay the interest after the six month grace period.

Freshmen can receive up to $3,500, sophomores $4,500, and juniors/seniors up to $5,500. For the 2017-2018 academic year, the interest rate for the subsidized loan program is 4.45% and the rate for the unsubsidized program is 4.45%.

To apply for the Federal Stafford Loan, please review the messages tab at https://myfa.taylor.edu. Students should apply for the full academic year as the loan will be disbursed in equal parts for the fall and spring semesters.