Federal Stafford Loan Programs
Pacifica participates in the Federal Family Education Loan Program (FFELP). The FFEL Program consists of Subsidized and Unsubsidized Stafford Loans. Federal Stafford Loans are low-interest loans made available to students admitted to an eligible academic program and attending on at least a half-time basis. Beginning July 1, 2006 Stafford Loan interest rates are fixed at 6.8% for the life of the loan.
The maximum loan amount for a graduate student is $20,500 per academic year. In general, all federal financial aid will arrive in multiple disbursements, to coincide with each enrollment period (quarter). Six months after ceasing to be enrolled on at least a half-time basis, the student must make formal arrangements with the lending institution to begin repayment. The maximum repayment period is ten (10) years (extended repayment terms available upon consolidation of student loans-check with your lender for complete details). Early repayment in whole or in part may be made without penalty.
Students who demonstrate financial need (as determined by filing the FAFSA) may qualify for the Subsidized Stafford Loan program. The interest is paid by the federal government during eligible periods of enrollment and deferments. The maximum loan amount for graduate students is $8,500 per academic year.
Available to students regardless of financial need. Students who do not qualify for the Subsidized Stafford Loan may qualify for the Unsubsidized Stafford Loan. Interest on this loan begins to accrue upon disbursement. The student is responsible for the interest on this loan during eligible periods of enrollment and deferments (interest deferment options available). The maximum loan amount for graduate students is $8,500 per academic year.
Available to students regardless of financial need. Available to students who need to borrow more than the annual maximum of $8,500 to help meet the cost of attendance. The maximum amount available is $12,000 annually. Interest on this loan begins to accrue upon disbursement. The student is responsible for the interest on this loan during eligible periods of enrollment and deferments (interest deferment options available).
The aggregate loan limit for a graduate student is $138,500 (including undergraduate loans and a maximum of $65,500 in Subsidized Stafford Loans).
Loan Fees
A loan origination fee of 1.0% of the principal amount of the Stafford Loan(s) and up to 1% federal default fee, (depending on the guarantor) will be deducted from the total loan amount. The deduction of these fees is in compliance with federal regulations.
Pacifica works primarily with the California guarantor EDFUND who is now required by federal regulations to deduct a 1% federal default from each disbursement.
Repayment
The following table can help you estimate your student loan payments. To determine payments based on other interest rates and balances, or to create an in-school or postgraduate budget plan, go to the Nellie Mae web site and click on calculators.
|
Principle Amount |
Approximate Number of |
8.25% (Stafford and Consolidated Loans) |
|
Borrowed |
Monthly Payments |
Principal + Interest Payment |
Total Interest |
|
$20,000 |
120 |
$ 245 |
$9,437 |
|
$26,000 |
120 |
$319 |
$12,268 |
|
$32,000 |
120 |
$392 |
$15,099 |
|
$38,000 |
120 |
$466 |
$17,930 |
|
$44,000 |
120 |
$539 |
$20,761 |
|
$50,000 |
120 |
$613 |
$23,592 |
You may visit the EDFUND web site for more information regarding stafford loans and the financial aid process. EDFUND can provide answers to the following questions?
What are the interest rates on the Stafford loans?
How do I calculate my future loan repayment?
How and when may I defer payments on my loans?
Can I consolidate my loans?
Are there repayment incentives?
Loan Counseling Requirements
Return to Financial Aid-Home Page
|
