The Federal Stafford Loan is a non-credit based education loan for undergraduate and graduate pupils.

There are two main basic forms 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 expected to make re payments) and fixed interest levels, that are determined every year on July first. To look at the interest that is current, please go to the Loan Comparison Chart in the Loan Program website. Please see the differences when considering the Subsidized and loans that are unsubsidized.

Subsidized Loans

Federal federal Government pays the attention on behalf of the learning pupil whilst the pupil is within the deferment duration and elegance duration.

As soon as in payment, the pupil accounts for having to pay the attention on the loan in addition to the main amount borrowed.

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 through the complimentary Application for Federal Student Aid (FAFSA). The quantity of the subsidized loan coupled with other “need-based” aid cannot exceed the student’s “financial need. ”

Subsidized loans can be found simply to undergraduate pupils.

Federal Direct Subsidized Loan Time Limitation

Pupils who’re considered brand brand new borrowers or very first time borrowers on or after July 1, 2013, are restricted when you look at the period of time they could be eligible for interest subsidy. As soon as these pupils have actually surpassed 150 percent of this posted amount of their degree that is current program they’ll be:

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

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

For further details, please just click here.

Unsubsidized Loans

Federal Government will not spend the attention on behalf of the pupil.

Alternatively, the debtor accounts for most of the interest that accrues and capitalizes through the right time the mortgage disburses.

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

The amount of the unsubsidized loan combined with other aid cannot exceed the total estimated cost of attendance though it is non-need based aid

Stafford Loan Eligibility Criteria:

Students Should:

  • File the FAFSA.
  • Be a U.S. Citizen or qualified non-citizen.
  • Have school that is high or equivalent.
  • Be fully admitted and meet UCF Admission demands.
  • Be categorized as level looking for at UCF in a qualified system.
  • Enroll for at minimum half-time at UCF in UCF classes at time of disbursement. To learn more half-time that is regarding be sure to 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 a Federal Stafford Direct Loan in this year that is academic another institution, ensure that the remaining of the loan is canceled before using for a loan at UCF

Pupil Cannot:

  • Standard on any academic loan or owe repayment on a federal grant as of this or just about any other organization.
  • Borrow more than federal loan limitations

Borrowing Restrictions

The total blended quantities a student may borrow in subsidized and unsubsidized Stafford loans may well not surpass the loan that is annual or aggregate limitations, that are specified in federal laws. Please view our Borrowing Limits website to get more information.

How to make an application for the Federal Stafford Loan

File the complimentary Application for Federal Student Aid (FAFSA) for the current aid 12 months. ( We advice which you file because of the concern deadline of 1st. December)

After UCF gets the total outcomes of the FAFSA through the Federal Processor, we are going to immediately provide the maximum Federal Direct Stafford Subsidized and Unsubsidized Loan centered on your eligibility.

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

Fall loans must certanly be accepted by September 15th, to prevent termination regarding the offer.

Spring loans must certanly be accepted by March 22nd, to prevent termination of this offer.

Loan Adjustment and Reinstatement

The online Loan Adjustment Request kind can be acquired through the kinds web page at the beginning of each semester up to the adjustment/reinstatement due date. You may submit an online Loan Adjustment Request Form by the following deadlines if you would like your loan eligibility reviewed for either an increase or reinstatement:

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 very first time borrowing a Federal Direct loan.

Finish the on line Entrance Counseling if this is 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, be sure that the remaining of this loan is canceled at your past college before you apply for a loan at UCF.

Getting aid that is financial from another institution in the exact exact same educational 12 months could have a direct impact on the staying help eligibility at UCF.

Disbursement of Loan

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