Graduate students are eligible for Federal Unsubsidized Stafford Loans and may borrow up to $20,500 per academic year. Loan disbursements are split equally over the semesters in an academic year. For example, if you are planning to attend fall and spring semester, you will receive two loan disbursements: one for fall and one for spring. If you are attending fall, spring, and summer semesters you will receive three equal disbursements.
Unsubsidized Stafford Loans are awarded regardless of a student's demonstrated financial need. These loans accrue interest while you're in school and generate interest charges as soon as they are disbursed. The interest charges may be deferred during enrollment (at least half-time) and deferment periods, but they will be capitalized (added to the outstanding loan balance).
- no principle payment while in school
- interest rate of 6.6% effective July 1, 2018
- requires half-time enrollment
All Federal Stafford Loans may be subject to an origination fee of 1.062%, taken from the value of the loan at the time it is disbursed to the school. The amount listed above and on financial aid awards represent the gross amount of the loan (amount before fees have been paid).
Loan repayment begins 6 months after the student graduates, leaves school, or drops below half-time enrollment. Repayment will initially be scheduled for fixed monthly payments over a 10 year period. Other repayment options are also available.
Applying for a Federal Stafford Loan
Complete the Free Application for Federal Student Aid (FAFSA).
Students accepting a Federal Stafford Loan for the first time at Westminster College should also: