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Student Loans at Dollar Bank
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Stafford Loans
A Stafford Loan is a federally guaranteed low interest loan. These loans are
designed for students attending approved colleges, vocational schools or
technical schools. There is no credit check required to obtain these loans.
Your eligibility for a Stafford Loan is based on your income and your financial
need. Standards are set by the U.S. Department of Education. You may be
eligible for a Stafford Loan if you:
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Are a U.S. citizen or national with permanent residence
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Have no defaults on previous government guaranteed loans
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Are attending school on at least a part-time basis
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Maintain satisfactory academic progress as determined by your school
There are two types of Stafford Loans:
Subsidized
Awarded based on financial need. The federal government will pay the interest
while you are in school up until repayment begins after the six-month grace
period.
Unsubsidized
Not awarded based on need. You will be responsible for making the interest
payments when the loan is disbursed. You may qualify for an Unsubsidized
Stafford Loan even if your family’s income exceeds the guidelines.
Independent students can borrow more than a dependent student (see chart below).
To qualify as an independent student, you must be one of the following:
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24 years of age by December 31 of the awarding year
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An orphan or a ward of the court
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A veteran
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Married or have legal dependents other than a spouse
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A graduate student
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Declared independent by a financial aid administrator based on unusual
circumstances
| Maximum Annual Loan Amounts |
|
Student Year
|
Dependent Student
|
Independent Student
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1st Year Undergraduate
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$2,625
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$6,625
|
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2nd Year Undergraduate
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$3,500
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$7,500
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3rd – 4th Year Undergraduate
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$5,500
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$10,500
|
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Graduate/Professional Student
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8,500
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$18,500
|
|
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Student’s Enrollment Level
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Total Loan Maximum
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Total Loan Maximum
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Undergraduate
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$23,000
|
$46,000
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Graduate/Professional
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$65,000
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$138,500
|
Click
here for more details or to apply for a Stafford Loan. Or,
call1-800-239-4376.
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