There are two main fundamental forms of Stafford loans: subsidized and unsubsidized. Both have 6 thirty days elegance duration (a period whenever a student isn’t any longer enrolled for at least half-time and never needed to make re re payments) and fixed interest levels, that are determined every year on July 1st. To see the interest that is current, please go to the Loan Comparison Chart in the Loan Program web site. Please see the differences between the Subsidized and Unsubsidized loans below.
Federal Government pays the attention on behalf of the pupil whilst the pupil is within the deferment duration and elegance duration.
When in repayment, the learning 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 founded on information gathered through the Free Application for Federal Student help (FAFSA). The quantity of the subsidized loan coupled with other “need-based” aid cannot exceed the student’s “financial need. ”
Subsidized loans can be found simply to undergraduate students.
Federal Direct Subsidized Loan Time Limitation
Pupils who will be considered brand new borrowers or time that is first on or after July 1, 2013, are restricted within the timeframe they might be eligible for interest subsidy. Once these pupils have actually surpassed 150 percent for the posted amount of their degree that is current program they’ll be:
- Ineligible to borrow any longer Federal Direct Subsidized Loans
- Eligible to borrow more Federal Direct Unsubsidized Loans so long as the Total Aggregate Limit has perhaps perhaps not been met
- Accountable for any interest that accrues regarding the Federal Direct Subsidized loans after surpassing the 150% limitation.
New borrowers are students who’ve no outstanding student that is federal principal balances at that time they make an application for a fresh federal loan on or after July 1, 2013.
For further details, please view here.
Federal Government will not spend the attention with respect to the pupil.
Alternatively, the borrower accounts for all of the interest that accrues and capitalizes through the right time the loan disburses.
Separate pupils might be entitled to greater amounts that are unsubsidized dependent pupils. See our web page on Borrowing Limits.
Though it really is non-need based help, the actual quantity of the unsubsidized loan along with other aid cannot exceed the total estimated price of attendance
Stafford Loan Eligibility Criteria:
- File the FAFSA.
- Be considered a U.S. Citizen or qualified non-citizen.
- Have school that is high or equivalent.
- Be completely admitted and meet UCF Admission needs.
- Be categorized as level looking for at UCF within an qualified system.
- Enroll for at minimum half-time at UCF in UCF classes at time of disbursement. To learn more regarding half-time enrollment be sure to view our Program Eligibility Chart.
- Maintain UCF’s Standards 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 year that is academic another institution, be sure that the remaining of the loan is canceled before using for a financial loan at UCF
- Standard on any academic loan or owe repayment for a federal grant only at that or other institution.
- Borrow more than federal loan restrictions
The total combined quantities a pupil may borrow in subsidized and unsubsidized Stafford loans might not meet or exceed the yearly loan restrictions or aggregate restrictions, that are specified in federal laws. Please view our Borrowing Limits web site to get more information.
Just how to submit an application for the Federal Stafford Loan
File the complimentary Application for Federal scholar help (FAFSA) for the aid year that is current. ( We advice which you file because of the concern due date of December 1st. )
After UCF gets the total link between the FAFSA through the Federal Processor, we’ll immediately provide the optimum Federal Direct Stafford Subsidized and Unsubsidized Loan centered on your eligibility.
Accept, reduce, or decrease your provided loan(s) for every single term individually regarding the myUCF View Financial help display by pressing the “Accept/Decline prizes” button and showing your selection.
Fall loans should be accepted by September fifteenth, to prevent cancellation regarding the offer.
Spring loans must certanly be accepted by March 22nd, in order to avoid termination of this offer.
Loan Adjustment and Reinstatement
The online Loan Adjustment Request kind can be acquired through the types web web page at 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:
2019-2020 12 Months
|Loan Period||Adjustment / Reinstatement Deadline||Award Year|
Finish the online Master Promissory Note should this be your very first time borrowing a Federal Direct loan.
Finish the on line Entrance Counseling should this be very first time borrowing a loan that is direct any school.
If perhaps you were granted a Federal Stafford Direct Loan in this year that is academic another institution, ensure that the remaining of the loan is canceled at your past college before you apply for a financial loan at UCF.
Getting aid that is financial from another institution in the same educational 12 months could have a direct effect on the staying help eligibility at UCF.
Disbursement of Loan
For information on loan disbursements, please go to our Disbursement of Financial help website.