Q. How much Stafford loan money can undergraduate students borrow?
If you are a dependent undergraduate student, each year you may borrow up to:
|
Freshman |
$5,500 |
(Only $3,500 of this amount may be in subsidized loans) |
|---|---|---|
|
Sophomore |
$6,500 |
(Only $4,500 of this amount may be in subsidized loans) |
|
Junior/Senior |
$7,500 |
(Only $5,500 of this amount may be in subsidized loans) |
If you are an independent undergraduate student, each year you may borrow up to:
|
Freshman |
$9,500 |
(Only $3,500 of this amount may be in subsidized loans) |
|---|---|---|
|
Sophomore |
$10,500 |
(Only $4,500 of this amount may be in subsidized loans) |
|
Junior/Senior |
$12,500 |
(Only $5,500 of this amount may be in subsidized loans) |
Please note: Belmont's undergraduate grade levels are determined by the following number of earned credit hours: Freshman (0-29); Sophomore (30-63); Junior (64-93); Senior (94+)
Q. How much Stafford loan money can graduate students borrow?
Graduate students may borrow up to $20,500 in Stafford Unsubsidized loans each academic year.
Pharmacy students may borrow up to $33,000 in Stafford Unsubsidized loans each academic year.
Q. What's the interest rate for Stafford loans?
The interest rate is fixed (adjusted annually on July 1st) but will never exceed 8.25%. Please check studentaid.gov for the current interest rate on Stafford Subsidized and Unsubsidized loans. Your lender will notify you if at any time your interest rate changes.
Q. When do I repay my Stafford loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment. During this period, you will receive repayment information from your lender. You will have multiple repayment options to choose from. Please visit studentaid.gov for more information about repayment plans that may be available to you.
Q. What is the interest rate for the Federal PLUS loan?
The interest rate is variable (adjusted annually on July 1st) but will never exceed 9%. Please check studentaid.gov for the current interest rates for Parent PLUS or Graduate PLUS loans. Your lender will notify you if at any time your interest rate changes.
Q. When does repayment begin for the Federal PLUS loan?
Repayment generally begins 60 days after the second disbursement for the Federal Parent PLUS loan. Parents have the option to request a deferment on the Parent PLUS loan while a student is in school. Graduate PLUS loans are deferred while students are enrolled at least half-time in a degree-seeking program. Graduate students can contact their lender to request a 6-month deferment of the Graduate PLUS loan after graduation, similar to the automatic deferments associated with the Stafford Loan program. Please contact your lender for exact repayment date and amount.
Q. What happens if my parent is denied the PLUS loan?
If parents are denied the PLUS loan, dependent undergraduate students will gain additional Unsubsidized Stafford Loan eligibility. Students must request the additional funds by completing the PLUS Denial/Request for Additional Unsubsidized Loans form available in our office or through the SFS forms webpage.