Graduate Financial Aid

The Federal Stafford loan is now even better than ever. Aside from the low 6.8% fixed interest rates, recent updates as of July 1, 2007 have made this program the best option for graduate students to start with when financing a graduate education.

First, the annual loan limits for Graduate students has been increased, to allow students to borrow more unsubsidized funds per year. While the limit for subsidized funds (where the government covers your interest payments while in school) remains at $8,500 per year, graduate students may now borrow $12,000/year in unsubsidized funds. This means a graduate student could borrow up to $20,500/year at the low 6.8%! Medical students have been also granted an increase in funds - up to $40,500/year ($32,000 in maximum unsubsidized funds.)

Another important update is the reduction of origination fees. Stafford origination fees were once 3% and that 3% was deducted from whatever balance was sent to the school. Now, the origination fee is 1.5%. It is scheduled to decrease by .5% each July 1 so that in July of 2010, the origination fee will be completely eliminated!

Graduate students should always take advantage of the Federal Stafford loan and, even better, the new eSignature application that allows students to complete their application today.