Stafford Loan Program
Federal Stafford Loans, Subsidized, Unsubsidized and PLUS (a parent loan) (Stafford Loan Application), are available through Guilford College.
Students who apply for Federal Stafford Student Loans must have completed the FAFSA (Free Application for Federal Student Aid), be a matriculated, degree-seeking candidates enrolled at least half time (6 credit hours) per semester/term. Federal regulations specify that federal aid recipients must be US citizens, US nationals or eligible non-citizens. If you have not already received a financial aid award letter showing your eligibility for a Stafford Loan from our office, please contact Student Financial Services to check on the status of your application.
The subsidized stafford loans are need-based, and the government pays the interest on these loans while the student is in school, during a six-month grace period immediately preceding repayment, and during authorized deferment. The unsubsidized stafford loans are not need-based, and the student is responsible for all of the interest that accrues on the loan, including while in school.
The PLUS loan can be used to by the parent to cover the remaining balance due on a student's account up to the difference of the budget and the expected financial aid.
New Students: Once you have signed and returned your Stafford Loan application you should complete the Master Promissory Note and Stafford Entrance Counseling Interview on-line using the link below.
Returning Students: If you are a returning student and have not borrowed a Stafford Loan before, you will need to complete your Stafford Master Promissory Note and Entrance Counseling Interview.
A full-time student will be eligible to borrow a specific amount of Federal Stafford Loans each academic year based on their grade level and dependency status. Below are the borrowing limits:
Grade Level: Dependent Student Independent Student Freshman (0-31 Credits) Sophomore (32-63 Credits) Junior (64-95 Credits) Senior (96+ Credits)
Calculated need is dependent upon the FAFSA results and determines how much of the loan is accruing interest (unsubsidized) while the student is in school or not accruing interest (subsidized) while the student is in school. The combination of the subsidized and unsubsidized loans may not exceed the student's cost of attendance less any other financial assistance or the limits set forth in the chart above. There are also aggregate limits for undergrads that have to be adhered to. They are $23,000 dependent and independent initial loan limit and, for independent students only, up to an additional $34,500 unsubsidized loan.
If you have any questions regarding your Stafford Loan of the Stafford Promissory Note please e-mail your student financial services counselor.