There’s two fundamental kinds of Stafford loans: unsubsidized and subsidized. Both have 6 thirty days elegance duration (some time each time a pupil is not any longer enrolled for at minimum half-time and never expected to make re payments) and fixed interest levels, that are determined every year on July first. To see the interest that is current, please go to the Loan Comparison Chart from the Loan Program web site. Please see the differences when considering the Subsidized and Unsubsidized loans below.
Subsidized Loans
Federal Government pays the attention with respect to the learning pupil although the pupil is within the deferment duration and elegance duration.
As soon as in repayment, the pupil is in charge of having to pay the attention regarding the loan as well as the main amount lent.
The student’s price of attendance must go beyond his/her Expected Family Contribution (EFC) to be eligible for “need-based” help (such as for instance funds, scholarships and subsidized loans).
The EFC is dependent on information gathered through the complimentary Application for Federal scholar help (FAFSA). The quantity of the subsidized loan coupled with other “need-based” aid cannot exceed the student’s “financial need. ”
Subsidized loans can be obtained simply to undergraduate pupils.
Federal Direct Subsidized Loan Time Limitation
Students that are considered brand new borrowers or very first time borrowers on or after July 1, 2013, are restricted into the period of time they could be eligible for interest subsidy. As soon as these pupils have actually surpassed 150 percent of this published amount of their degree that is current program they’ll be:
- Ineligible to borrow more Federal Direct Subsidized Loans
- Entitled to borrow more Federal Direct Unsubsidized Loans so long as the Aggregate that is total Limit maybe maybe not been met
- In charge of any interest that accrues regarding the Federal Direct Subsidized loans after surpassing the 150% limitation.
New borrowers are pupils who possess no outstanding student that is federal principal balances during the time they make an application for a brand new federal loan on or after July 1, 2013.
For further details, please follow this link.
Unsubsidized Loans
Federal federal Government doesn’t spend the attention with respect to the pupil.
Alternatively, the debtor is in charge of most of the interest that accrues and capitalizes through the right time the mortgage disburses.
Independent pupils are entitled to greater amounts that are unsubsidized reliant pupils. See our web page on Borrowing Limits.
The amount of the unsubsidized loan combined with other aid cannot exceed the total estimated cost of attendance though it is non-need based aid
Stafford Loan Eligibility Criteria:
Pupils Should:
- File the FAFSA.
- Be a U.S. Citizen or qualified non-citizen.
- Have school that is high or equivalent.
- Be completely admitted and meet UCF Admission needs.
- Be classified as level looking for at UCF within an program that is eligible.
- Enroll for at minimum half-time at UCF in UCF classes at period of disbursement. To learn more regarding half-time enrollment be sure to view our Program Eligibility Chart.
- Preserve UCF’s Guidelines for Satisfactory Academic Progress (SAP).
- Complete all required To Do List Items.
- Complete verification (if chosen).
- If in receipt of the Federal Stafford Direct Loan with this year that is academic another institution, make sure the rest of this loan is canceled before using for a financial loan at UCF
Pupil Cannot:
- Standard on any loan that is educational owe repayment for a federal grant as of this or just about any other organization.
- Borrow more than federal loan restrictions
Borrowing Limitations
The total blended quantities a pupil may borrow in subsidized and unsubsidized Stafford loans might not meet or exceed the yearly loan restrictions or aggregate restrictions, that are specified in federal laws. Please view our Borrowing Limits web site for lots more information.
Simple tips to make an application for the Federal Stafford Loan
File the complimentary Application for Federal scholar help (FAFSA) for the present help 12 months. ( We suggest which you file because of the concern due date of December 1st. )
After UCF gets the link between the FAFSA through the Federal Processor, we are going to immediately provide the optimum Federal Direct Stafford Subsidized and Unsubsidized Loan predicated on your eligibility.
Accept, reduce, or decline your provided loan(s) for every term individually regarding the myUCF View Financial Aid display screen by pressing the “Accept/Decline honors” button and showing your selection.
Fall loans needs to be accepted by 15th, to avoid cancellation of the offer september.
Spring loans must certanly be accepted by March 22nd, in order to avoid termination associated with the offer.
Loan Adjustment and Reinstatement
The online Loan Adjustment Request form can be acquired through the types web page at the beginning of each semester up to the adjustment/reinstatement deadline. If you wish your loan eligibility evaluated for either a growth or reinstatement, you might submit an on line Loan Adjustment Request Form by the after deadlines:
Year 2019-2020
| Loan Period | Adjustment / Reinstatement Deadline | Award fall 2018 | 11/15/19 | 2019-2020 |
|---|---|---|---|---|
| Spring 2019 | 4/03/20 | 2019-2020 year |
Finish the on line Master Promissory Note should this be your very first time borrowing a Federal Direct loan.
Finish the on line Entrance Counseling should this be very first time borrowing a loan that is direct any college.
Transfer Students
If perhaps you were granted a Federal Stafford Direct Loan with this year that is academic another institution, ensure that the rest of this loan is canceled at your past college before applying for a loan at UCF.
Getting school funding disbursements from another organization inside the exact exact same educational 12 months may have an effect on your own staying help eligibility at UCF.
Disbursement of Loan
For information regarding loan disbursements, please go to our Disbursement of Financial help website.