Academic Grade Level Gross (earned credits) Amounts Freshman (0-23.5 credits) $5,500 Sophomore (24-55.5 credits) $6,500 Junior (56-95.5 credits) $7,500 Senior (96 credits or more) $7,500 Aggregate Loan Limit $31,000 • Any combination of subsidized and unsubsidized Stafford Loans cannot exceed these limits. • The Federal government charges a fee for each loan: Therefore, the net amount will be slightly less than the amount applied for. For the fee amount, go to www.studentaid.gov/understand-aid/types/loans/interest-rates. • Freshman and sophomore students are eligible to borrow an additional $4,000 unsubsidized Stafford Loan if their parent(s) are denied a Parent PLUS loan. • Junior and senior students are eligible to borrow an additional $5,000 unsubsidized Stafford Loan if their parent(s) are denied a Parent PLUS loan. Borrowing Amounts for Stafford Loans Employment The work-study program is designed to provide students with an opportunity to find part-time employment on campus. A limited number of off-campus community service positions are available for students who have been awarded Federal Work-study. Work-study earnings will not be credited to your student account to reduce your College bill. Instead, earnings may be used to assist you in meeting expenses such as books, supplies, laundry, and other miscellaneous expenses. Being eligible for the program does not guarantee you a job. Most students who are eager to work, however, will find a workstudy position. Students who are eligible for work-study are under no obligation to seek employment. FEDERAL WORK-STUDY The Federal Work-Study Program provides on- campus and off-campus employment to students who demonstrate financial need. • Repayment of the loan principle is deferred until six (6) months after you graduate or cease to be enrolled on at least a half-time basis, whichever comes first. The six (6)-month period between graduation and repayment is considered the grace period. • Repayment is made on a monthly basis and the repayment period is typically 10 years, but may be more. • There is no penalty for prepayment of the loan, and early repayment of the loan would reduce or eliminate interest charges. 8
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