Stafford loan how much can i get

Frequency of Payments: monthly or quarterly. After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you begin repayment. Fees: You'll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement. Because of this deduction, you'll receive slightly less than the amount you're borrowing. Stafford Loans for Students.

Federal Student Aid. Prepayment Penalties: none Fees: You'll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement. Schools use this information from the FAFSA to determine your eligibility for most Federal student aid programs and for many state, institutional, and private aid programs.

Additional Information Max Loan Length 30 years, depending upon amount borrowed and repayment plan chosen Interest Rate Variable, does not exceed 8. Loan Categories. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Saving for College. College Saving Plans. Getting Started. Scholarships and Grants: Free Money. Types of Student Loans. What Loans Cost. Decoding Student Aid Offers. Best Student Loans.

Managing Loans During College. Loan Basics Student Loans. Table of Contents Expand. How Much Can You Borrow? Federal Direct Student Loans. Private Student Loans. Annual and Aggregate Loan Amounts. Loan Eligibility by Type. What are the three main types of federal student loan? What are PLUS loans? What about private student loans?

Bottom Line. Loan limits are based on type of loan, year in school, and cost of attendance. Annual and cumulative limits both impact the amount you can borrow. Article Sources. Investopedia requires writers to use primary sources to support their work.

Federal loans have protections that private loans don't, including income-driven repayment plans and loan forgiveness programs. Private student loan minimums and limits. Non-co-signed future income-based option:.

Annually, the cost of attendance. Co-signed and non-co-signed credit-based options:. Annually, the cost of attendance minus financial aid.

Maximum loan amount: School-certified cost of attendance minus financial aid. Annually, the school-certified cost of attendance. Maximum loan amount: School-certified cost of attendance. Federal student loan limits. Need-to-Knows for College Grads. Direct subsidized and unsubsidized loan limits.

Dependent undergraduate students. Financial aid advisors at the school you are attending or planning on attending can help you determine what forms to fill out. TIP…By law, you must be notified if the original lender sells your loan to another organization. Both companies should notify you of the sale and provide you with information about the new organization carrying your loan.

After your financial aid package is complete and award amounts are determined, you will either receive a Stafford Loan application in the mail from your financial aid office or you will need to request one. Most schools will automatically check your eligibility for a Pell Grant before announcing the appropriate Stafford Loan amount.

If you do receive a Pell Grant, the amount of your Stafford Loan may be less. If this does happen, the school must present you with written documentation for its actions. Department of Education. Once the application for your Stafford Loan has been approved by the lender, the funds will automatically be transferred back to your school for disbursement. Before receiving your loan money, you must sign a promissory note agreeing to pay back the entire amount you have borrowed.

Typically, there is a small loan fee that is taken out of the loan before you receive the money. The disbursement of loan money is either credited to your account by the school, or paid directly to you, or both. The number of payments you receive is based on your academic calendar. If you attend a school on the quarter system, you will usually be paid three times a year at the start of each quarter not including summer quarter. Schools that operate on a semester system pay their students twice a year, at the beginning of fall and spring terms.

With the Stafford Loan, disbursements may also be on a weekly or monthly installment plan. Payments may never be more than one-half the amount of your loan. Students who are studying overseas can arrange to receive their funds directly.