Additional Unsubsidized Loan for 2008-09
The federal government has recently announced that students who are enrolled for at least 6 credit hours are eligible to borrow an additional $2,000 in Unsubsidized Stafford Loan funds, in addition to the Stafford Loan amounts for which they already qualify.
If you request this additional Unsubsidized Stafford Loan then you will indicate on the online request form how you wish to receive these funds:
- Option 1: receive the loan amount requested in equal halves (fall and spring semesters)
- Option 2: receive the loan funds in one payment for spring semester
Overview of the new annual loan limits for 2008-09 [pdf]
How to request this loan?
If you want to borrow this Additional Unsubsidized Stafford Loan (up to $2,000), use the online request form.
If you have not yet accepted your initial Stafford Loan, please visit your eAward to complete this step before requesting the additional Unsubsidized Stafford Loan.
Related Information
If you choose to borrow this loan, you are only entitled to receive financial aid up to your Cost of Attendance. Therefore, if you accept this loan, federal regulations may require an adjustment to your Parent PLUS Loan or Educational Loan amount.
If you have already borrowed a Parent PLUS Loan or a Private Educational Loan for a lesser amount than the amount you are entitled to borrow for the year (due to other resources you have), then you may wish to reduce your other loan as a result of this new loan option. NOTE: When you complete the online request form you will have the option to request this reduction.
Also, the interest rate on the Unsubsidized Stafford Loan is currently fixed at 6.8%, whereas a Parent Plus Loan is fixed at 8.5% and many Educational Loan interest rates exceed even that. Therefore, this Additional Unsubsidized Stafford Loan is less expensive than these loan types.
How/When can I review my updated invoice?
This loan request will be reflected on your online student invoice after approximately five business days.