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Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan program is another option. Should
you find you do not qualify for the entire Federal Stafford loan maximum,
you can borrow the remaining portion through the Federal Unsubsidized Stafford
Loan. This program is similar to the subsidized Stafford Loan, however,
you are responsible for paying the interest on the unsubsidized portion
of the Stafford loan while you are in school with a fixed interest rate
of 6.8%.
The borrowing limits for an independent student have been increased through
the Federal Unsubsidized Stafford Loan program. In addition to the limits
listed under the Federal Stafford Loan program, an independent student
could also be eligible to borrow an additional $4,000 for the first and
second year of undergraduate study and $5,000 for the third, fourth, and
fifth years of undergraduate study. Graduate students who are considered
independent may be eligible for an additional $10,000 beyond the loan limit
for the Stafford program. See current interest rates, loan limits, and fees.
The Federal Unsubsidized Stafford loan is issued in multiple increments, paid once each semester. The loan funds will be sent directly to the school by the lender.
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