Federal Stafford Student Loan Program (Unsubsidized)Eligibility - A student must be enrolled or accepted for enrollment at least half-time in an eligible institution of higher education and must be a U.S. citizen, U.S. national or a permanent resident. The student must also be making satisfactory academic progress for consideration. In addition, the student must not be in default on any Title IV loans or owe a repayment on any Title IV funds. Males who are at least 18 years of age must be registered with the Selective Service Agency.
Maximum Amount - Graduate and professional students may borrow up to $20,500 per academic year to an aggregate maximum amount of $65,500 including all undergraduate Stafford/GSL loans. A loan may not exceed the cost of education less resources.
For information regarding Interest Rates, Grace Period, Deferment and Repayment information visit studentaid.ed.gov.
Disbursement - Funds are electronically transferred to the school from the lender/servicer in equal installments based on the number of semester terms in the loan period. The Student Financial Aid Office will verify the student's eligibility upon receipt of the funds. A notice is sent to the student informing him/her that the funds have been received and that they will be disbursed to the student's account by the Bursar's Office. First-time borrowers at the University are required to attend an entrance interview prior to releasing the first disbursement.
Refunds - Students eligible for a refund of excess proceeds will be refunded within 14 days
from the date a credit balance occurs on the student's account - generally 14 days
from the date of disbursement of the funds.