Direct Stafford Loans are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university.
Stafford Loans are federal loans made by the government, borrowers receive loans directly from U.S. Department of Education & you will repay a Stafford Loan to department.
There are two types of Stafford loans, subsidized and unsubsidized and each type has different financial-need requirements and benefits.
Interest rates on Stafford loans are fixed for the life of the loan. Undergraduate students receive a 4.99% and graduate students receive a 6.54% interest rate.
Borrowing Limits that is currently set at $31,000 for undergraduates who are dependent, $57,500 for undergraduates who are independent & $138,500 for graduate students.
30 years is the maximum loan length, based on the amount borrowed and the repayment option selected. The Direct programs provide a selection of repayment options.