There are 2 fundamental kinds of Stafford loans: subsidized and unsubsidized. Both have 6 thirty days elegance duration (some time whenever a pupil is not any longer enrolled for at minimum half-time rather than needed to make re re payments) and fixed interest levels, which are determined every year on July first. To see the current rate of interest, please look at the Loan Comparison Chart in the Loan Program website. Please see the differences when considering the Subsidized and Unsubsidized loans below.

Subsidized Loans

Federal Government pays the attention with respect to the learning pupil whilst the pupil is within the deferment duration and elegance duration.

When in payment, the learning pupil is in charge of paying the attention on the loan in addition to the principal amount lent.

The student’s price of attendance must go beyond his/her Expected Family Contribution (EFC) to qualify for “need-based” help (such as for example funds, scholarships and subsidized loans).

The EFC is founded on information gathered from the complimentary Application for Federal scholar help (FAFSA). The total amount of the subsidized loan along with other “need-based” aid cannot exceed the student’s “financial need. ”

Subsidized loans can be obtained simply to undergraduate pupils.

Federal Direct Subsidized Loan Time Limitation

Pupils that are considered brand new borrowers or very first time borrowers on or after July 1, 2013, are restricted into the length of time they might be eligible for interest subsidy. When these pupils have actually exceeded 150 per cent regarding the posted duration of their degree that is current program they’ll certainly be:

  • Ineligible to borrow more Federal Direct Subsidized Loans
  • Entitled to borrow more Federal Direct Unsubsidized Loans as long as the Total Aggregate Limit has perhaps perhaps not been met
  • Accountable for any interest that accrues from the Federal Direct Subsidized loans after surpassing the 150% restriction.

New borrowers are pupils who possess no outstanding federal education loan principal balances at that time they make an application for a brand new federal loan on or after July 1, 2013.

For further details, here please click.

Unsubsidized Loans

Government doesn’t spend the attention with respect to the pupil.

Rather, the debtor is in charge of all of the interest that accrues and capitalizes through the right time the mortgage disburses.

Separate students might be qualified to receive greater amounts that are unsubsidized reliant pupils. See our web page on Borrowing Limits.

Though it really is non-need based aid, the total amount of the unsubsidized loan along with other aid cannot exceed the total estimated price of attendance

Stafford Loan Eligibility Criteria:

Pupils Should:

  • File the FAFSA.
  • Be described as a U.S. Citizen or qualified non-citizen.
  • Have school that is high or equivalent.
  • Be completely admitted and meet UCF Admission demands.
  • Be categorized as level looking for at UCF in a program that is eligible.
  • Enroll for at half-time that is least at UCF in UCF classes at period of disbursement. To learn more half-time that is regarding please view our Program Eligibility Chart.
  • Preserve UCF’s Guidelines for Satisfactory Academic Progress (SAP).
  • Complete all required To Do List Items.
  • Complete verification (if chosen).
  • If in receipt of the Federal Stafford Direct Loan in this educational 12 months at another institution, ensure that the rest of the loan is canceled before using for a financial loan at UCF

Pupil Cannot:

  • Standard on any academic loan or owe repayment for a federal grant only at that or other organization.
  • Borrow more than federal loan restrictions

Borrowing Restrictions

The total blended quantities students may borrow in subsidized and unsubsidized Stafford loans might not surpass the yearly loan restrictions or aggregate restrictions, that are specified in federal laws. Please view our Borrowing Limits website to get more information.

Just how to make an application for the Federal Stafford Loan

File the complimentary Application for Federal scholar help (FAFSA) when it comes to aid year that is current. ( We suggest which you file because of the concern due date of December 1st. )

After UCF gets the total link between the FAFSA through the Federal Processor, we shall automatically provide the optimum Federal Direct Stafford Subsidized and Unsubsidized Loan according to your eligibility.

Accept, reduce, or decrease your provided loan(s) for every term individually regarding the myUCF View Financial help display screen by pressing the “Accept/Decline honors” button and showing your selection.

Fall loans must certanly be accepted by 15th, to avoid cancellation of the offer september.

Spring loans must certanly be accepted by March 22nd, in order to avoid termination associated with the offer.

Loan Adjustment and Reinstatement

The online Loan Adjustment Request type is present through the types web web page at the beginning of each semester up to the adjustment/reinstatement due date. If you want your loan eligibility reviewed for either a growth or reinstatement, you may possibly submit an on the web Loan Adjustment Request Form by the after deadlines:

2019-2020 12 Months

Loan Period Adjustment / Reinstatement Deadline Award Year
Autumn 2018 11/15/19 2019-2020
Spring 2019 4/03/20 2019-2020

Finish the on line Master Promissory Note should this be your time that is first borrowing Federal Direct loan.

Finish the on line Entrance Counseling should this be very first time borrowing a primary loan at any college.

Transfer Students

If perhaps you were granted a Federal Stafford Direct Loan in this educational 12 months at another institution, make sure the rest of this loan is canceled at your past school before using for a financial loan at UCF.

Getting educational funding disbursements from another institution in the exact exact same educational 12 months could have a direct effect on your staying help eligibility at UCF.

Disbursement of Loan

For details about loan disbursements, please go to our Disbursement of Financial help webpage.