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

There’s two fundamental forms of Stafford loans: unsubsidized and subsidized. Both have 6 thirty days elegance period (a period each time a pupil isn’t any longer enrolled for at half-time that is least rather than needed 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 look at the Loan Comparison Chart regarding the Loan Program website. Please see the differences when considering the Subsidized and Unsubsidized loans below.

Subsidized Loans

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

When in payment, the pupil is in charge of spending the attention from the loan in addition to the main 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 dependant on information gathered through the complimentary Application for Federal scholar help (FAFSA). The quantity of the subsidized loan coupled 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 brand new borrowers or time that is first on or after July 1, 2013, are restricted into the period of time they might be eligible for interest subsidy. As soon as these pupils have actually surpassed 150 per cent for the published duration of their present degree system, they’ll be:

  • Ineligible to borrow any longer Federal Direct Subsidized Loans
  • Eligible 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% restriction.

New borrowers are pupils who possess no outstanding federal education loan principal balances during the time they submit an application for a unique federal loan on or after July 1, 2013.

For further details, please just click here.

Unsubsidized Loans

Government will not spend the interest on behalf of the pupil.

Alternatively, the debtor is in charge of most of the interest that accrues and capitalizes through the time the mortgage disburses.

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

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

Stafford Loan Eligibility Criteria:

Pupils Must:

  • File the FAFSA.
  • Be considered 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 cash advance south carolina level looking for at UCF within an program that is eligible.
  • Enroll for at half-time that is least at UCF in UCF classes at period of disbursement. To learn more regarding half-time enrollment be sure to view our Program Eligibility Chart.
  • Maintain 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 with this educational 12 months at another institution, ensure that the remaining of this loan is canceled before using for a loan at UCF

Pupil Cannot:

  • Standard on any loan that is educational owe repayment on a federal grant as of this or other organization.
  • Borrow more than federal loan limitations

Borrowing Restrictions

The total blended quantities a pupil may borrow in subsidized and unsubsidized Stafford loans might not meet or exceed the annual loan limitations or aggregate restrictions, which are specified in federal laws. Please view our Borrowing Limits web site to get more information.

Simple tips to submit an application for the Federal Stafford Loan

File the complimentary Application for Federal scholar help (FAFSA) for the present help 12 months. ( We advice which you file by the concern due date of 1st. December)

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

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

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

Spring loans must be accepted by March 22nd, to prevent termination for the offer.

Loan Adjustment and Reinstatement

The online Loan Adjustment Request kind can be obtained through the types 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

Complete 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 direct loan at any college.

Transfer Students

If perhaps you were granted a Federal Stafford Direct Loan in this scholastic 12 months at another institution, be sure that the remaining of the loan is canceled at your past college before you apply for a financial loan at UCF.

Getting aid that is financial from another organization inside the exact same educational year might have a direct effect on the staying help eligibility at UCF.

Disbursement of Loan

For details about loan disbursements, please check out our Disbursement of Financial help website.