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Federal Subsidized and Unsubsidized Stafford Loan
To Be Eligible Students:
- Must have financial need
- Make satisfactory academic progress towards their educational goal
- Be enrolled in at least 6 credit hours.
- No prior loan defaults or Federal overpayment blocks
- Have declared a degree plan on file in the Admissions office
- Freshman subsidized maximum loan limits per year are $3,500 and sophomore loan limits are $4,500 per academic year. (For example you are considered a freshman if you have 0-29 credit hours and 30 or more, you are classified as a sophomore). Please note: Developmental coursework does not count towards degree or academic levels.
- Unlike grants or scholarships, loans must be repaid. The maximum lifetime amount of loans a student can borrow at all schools in the subsidized program is $31,000 and the maximum lifetime amount a student can borrow in both the subsidized and unsubsidized programs combined is $57,500. If you plan to attend any other school after completion of your program of study at Eastfield College, then please keep this in mind when deciding how much you will need to borrow. We urge you to borrow conservatively and only borrow what is needed. Once a student has borrowed the aggregate limits, there will be no additional eligibility for loans.
- The actual loan may be limited to less than this, depending on the cost of attendance, other financial aid, and the family financial condition. The U.S. Department of Education pays the interest during the time the student is enrolled and during the grace period of 6 months following enrollment. The interest rate is variable and will not exceed 8.25%.
- For subsidized loans, borrowers do not begin repayment of the loan until 6 months after the student completes or drops enrollment to less than six credit hours. The loan must be repaid within 10 years.
- For unsubsidized loans, this program is available to students, regardless of income. The interest payments begin the day the loan is disbursed and the student is responsible for interest accrued during in-school and deferment periods. Interest rate and loan limits are the same as the Federal Stafford Loan Program. Repayment of the principle begins 6 months after the student ceases to be enrolled in at least six credit hours. At Eastfield, dependent students will not be certified for unsubsidized loans unless the parent/guardian has been denied a FPLUS.
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