SU- Stafford Loans

UNDERGRADUATE LOANS AVAILABLE:

FEDERAL STAFFORD LOANS

The Federal Stafford Loan is a long-term, fixed-rate loan that is awarded by the Office of Financial Aid. The loan is funded by participating banks, savings and loan associations, and credit unions and is guaranteed by state or government agencies. Because the loan is guaranteed, it is not based upon your credit history or income.

All students are eligible to receive a Federal Stafford Loan. The amount you may receive for the academic year is based on your financial need and academic level and is determined by the SU Office of Financial Aid.

Subsidized vs. Unsubsidized Stafford Loans

Your Stafford Loan award may be Subsidized, Unsubsidized, or a combination of the two.

Subsidized Loans are awarded on the basis of financial need. They are interest-free while you are enrolled at least half-time and during periods of authorized deferments. The federal government subsidizes the interest during these periods. Interest will be charged once you enter repayment.

Unsubsidized Loans are not awarded on the basis of need, but they do take into consideration your cost of attendance and any other aid you receive. You are charged interest from the time the loan is disbursed until it is paid in full. You may choose to defer the interest during enrollment and deferment periods, but it will be capitalized (added to the principal amount).

Loan Amounts

You may receive less than the annual maximum loan amount if you receive other financial aid that is used to cover a portion of your cost of attendance.

Effective July 1, 2008, undergraduate students may now apply for an additional $2,000 in Unsubsidized Federal Stafford Loan. For more information and to complete an application, students should view their Financial Aid Portfolio Task List.

In some cases, additional Unsubsidized funds are available for undergraduate students to borrow (up to $4,000 for Freshmen and Sophomores, up to $5,000 for Juniors and Seniors). If you are considered Independent by Federal Guidelines, or if your parents have been denied a PLUS Loan, please contact our office for further information about the Additional Unsubsidized Stafford Loan.

How to Apply for a Stafford Loan

By filing the Free Application for Federal Student Aid (FAFSA), you are automatically considered for Federal Stafford Loan eligibility. The Federal Stafford Loan award in your financial aid package indicates the loan amount that you are eligible to borrow.

If you have borrowed a Federal Stafford Loan at Syracuse University in previous years, filing the FAFSA each year is the only step needed to renew your loan. If you decide not to borrow the loan after all, you may decline it by contacting finmail@syr.edu after you have received your financial aid package.
If you are a new borrower, you will need to complete a Federal Stafford Loan Entrance Counseling Session and a Federal Stafford Loan Master Promissory Note (MPN). For instructions and links, please see the Task List tab of your Financial Aid Portfolio (located at http://myslice.syr.edu).

Return to SU's Office of Financial Aid and Scholarship Programs' Homepage

Opportunity Programs | Publications | Scholarship Programs | Contact Us | Site Map

For comments on this web site, please contact sbluke@syr.edu