Federal Stafford Loan

Terms and conditions of the Unsubsidized Federal Stafford Loan include:

  • Non need-based loan
  • Available to U.S. citizens or permanent residents
  • Interest Rates:
    • For loans disbursed prior to July 1, 2013, the interest rate is 6.8% and is fixed for the life of the loan. 
    • For loans disbursed after July 1, 2013 through June 30, 2013, the interest rate is 5.41% and is fixed for the life of the loan.
    • Note: The Student Loan Certainty Act of 2013 re-establishes the interest rate for federal Direct student loans from a fixed rate to a fixed-variable interest rate. This means that the new interest rate is set each spring and the rate will be fixed for the life of the loan for any federal direct loan that disburses between July 1 of that year and June 30 of the next year. 
  • $20,500 maximum loan amount per academic year
  • $138,500 aggregate loan limit
  • Interest begins to accrue when the funds are disbursed to the student. Student may choose to make regular interest payments while in school, or have the interest capitalized at repayment
  • Unsubsidized Federal Direct Loans have a 1.051% origination fee
  • Repayment begins six months after graduation, withdrawal from school, or when a student drops below half-time enrollment
  • The maximum repayment period can extend up to 30 years depending on loan limit

Terms and conditions are subject to change according to federal law.  For more information about the Federal Graduate PLUS loan program, visit the Chicago Office of Financial Aid.