The Federal Direct Stafford Loan is the largest single source of federal aid for students pursuing higher education. To apply for a Stafford loan, follow the steps in our financial aid checklist
There are two types of Stafford Loans, Subsidized and Unsubsidized. Neither type uses your credit rating as a qualification for obtaining the loan.
Clinical Psychology students are eligible for an additional unsubsidized Stafford loan for health profession programs.
Subsidized Federal Stafford Loan
Due to the Budget Control Act of 2011, Subsidized Stafford loans will not be available to graduate students for loans originated after July 1, 2012.
Unsubsidized Federal Stafford Loan
The Unsubsidized Stafford Loan is available to all students regardless of income. You are responsible to pay the interest that accumulates while you are in school. You may choose to make interest payments while you're still enrolled at Fielding, but you are not required to do so.
Loan Amounts Available
There are limits on the amount you may borrow each year, as well as over your lifetime. The loan limits include both types of Stafford loans, the Subsidized and the Unsubsidized.
Aggregate Lifetime Loan Limit
The aggregate lifetime maximum of all your undergraduate and graduate federal student loans is $138,500, unless you are eligible for a health profession program loan. Go to the National Student Loan Data System (NSLDS) to view your current balance for any student loans you have acquired to date.
Yearly Loan Limits
As a graduate student, you are able to borrow up to $20,500 per year in Federal Unsubsidized Stafford Loans, if your total Cost of Education (COE) at Fielding is at least this amount.
Health Profession Programs Unsubsidized Stafford Loan
Students in the Clinical Psychology program at Fielding are eligible for additional unsubsidized funds for health profession programs. You may apply annually up to an additional $16,667 in Unsubsidized Stafford loans, and your aggregate lifetime limit is increased to $224,000. We strongly recommend that you limit your total borrowing to less than $28,000 annually in order to preserve your aggregate eligibility throughout your time in the program.
Interest Rate
The interest rate for all Stafford loans is a fixed 6.8 %. The interest rate is subject to change by federal regulation, and is usually done on July 1.
Loan Origination Fees
As of July 1, 2010, the Department of Education charges a 1.0% origination fee on all Direct Stafford loans with an instant rebate of 0.5%. This causes an actual reduction of 0.5% in the amount of funds disbursed. The instant rebate is intended to allow students access to more funds up front, and to encourage prompt repayment habits. The rebate may be added back into the loan if the first 12 payments are not made in a timely manner. Based on the Budget Control Act of 2011, this rebate will no longer be available for loans with a first disbursement occurring on or after July 1, 2012.