The Unsubsidized Federal Stafford Loan is a low-interest guaranteed loan designed to help students pay for their education cost. Qualification is NOT based on financial need.
Features
The interest rate on Stafford Loans disbursed on or after July 1, 2006 is fixed at 6.8%
Student is the borrower
Student is responsible for the interest while in school and during grace period. Students can defer interest payment until completion of school
No credit check is required
Available to undergraduate and graduate students
Possible to qualify for a portion of each type: subsidized and unsubsidized
Complete the online application using OpenNet, Sallie Mae's online loan system.
Eligibility
Student enrolled on at least a half-time basis
Maintain satisfactory academic progress, as determined by the school
Based on cost of attendance
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 Unsubsidized Loan Maximum
Undergraduate: $23,000
Graduate: $50,000
Combined Undergraduate & Graduate: $73,000
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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