The Subsidized Federal Stafford Loan is a low-interest guaranteed loan designed to help students pay for their education cost. Qualification depends on financial need. The federal government will pay the interest for you while you are in school and during your grace period.
The interest rate on Stafford Loans disbursed on or after July 1, 2006 is fixed at 6.8%
Student is the borrower
Government pays the interest while student is enrolled in school and during grace period
Complete the online application using OpenNet, Sallie Mae's online loan system.
Eligibility
Student enrolled on at least a half-time basis
Based on financial need and cost of attendance
Maintain satisfactory academic progress, as determined by the school
Fees
A Loan Origination Fee, paid to the Federal Government, is required and will be held by the lender at disbursement.
A Federal Default Fee, paid to a Guarantee Agency, will be held by the lender at disbursement.
Cumulative Subsidized Loan Maximum
Undergraduate: $23,000
Graduate: $42,500
Combined Undergraduate & Graduate: $65,500
Repayment Terms
Repayment starts six months after graduation, withdrawal or dropping below half-time enrollment
$50 minimum monthly payment
10-year maximum repayment period is standard
Other repayment options available based on amount borrowed and financial need
Complete the FAFSA (Free Application for Federal Student Aid) or a Renewal FAFSA. To choose SNB as your lender for your Federal Stafford Loans, enter the SNB lender code on your application. The SNB lender code is 809081.
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