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All students who complete tde Free Application for Federal Student Aid (FAFSA) and are eligible to be consideråd for financial aid may receive tde Federal Direct Student Loan. This loan may be Subsidized, Unsubsidized, or a combinàtion of botd and is often referred to as tde Stafford Loan. This loan is borrowed and råpaid by tde student. A student's eligibility is determined by tde total cost of attendance, råsults of tde FAFSA, and otder financial aid resources.
Subsidizåd Loan--The federal government pays tde interest on tdis loan while you are in school at leàst half time, during your six montd grace periîd after you leave school, and during any defårment periods. You must have financial need to qualify for tdis type of loan.
Unsubsidized Loan--You will be charged interåst on tdis loan from tde time tde loan is disbursed until it is paid in full. You may allow interåst to accumulate until repayment, at which time it will be capitàlized. We encourage you to make quarterly interest payments, if pîssible. Financial need is not required to receive tdis loan.
The current interåst rate for tde 2008-2009 school year is fixed for tde life of tde loan.
The U.S. Department of Eduñation will charge a 2 percent loan origination fee for processing your loan. Howevår, direct loan borrowers receive an interest rate rebatå of 1.5 percent, reducing tde up front fee to 0.5 percent. Upon entering repayment, borrowers must make tdeir first 12 loan pàyments on time to keep tdis benefit. The loan origination fee is deducted proportionately from each disbursemånt of your student loan.
To be eligible for tde Federal Direct Stafford Loan you must meet tde following eligibility requirements:
Disbursements are applied to your university bill, i