Stafford Loan Information

Subsidized Stafford Loans are based on financial need with a 6.0% fixed interest rate. Repayment of principal is deferred until 6 months after you graduate or cease half-time enrollment. The interest is paid by the government while you are enrolled at least half-time status in a degree program.

Unsubsidized Stafford loans are not based on financial need with a 6.8% fixed interest rate. Repayment of the principal is deferred until 6 months after you graduate or cease half-time enrollment. Interest accrues while enrolled. Deferment options are available for interest payments.

Award Amounts

Award amounts are based on cumulative credits earned toward a specific degree program. Annual borrowing limits for dependent undergraduates are $5,500 for freshman (zero to 29 credits), $6,500 for sophomores (30-59 credits), and $7,500 for juniors and seniors 60-or more credits).

Independent undergraduates can borrow additional Unsubsidized Stafford loans up to $6,000 in their freshman and sophomore years and up to $7,000 in their junior and senior years.

If you're a graduate or professional degree student, each year you can borrow up to $20,500. No more than $8,500 of this amount may be in subsidized loans.

When you graduate with a graduate or professional degree, the maximum total debt allowed from Stafford Loans is $138,500. No more than $65,500 of this amount may be in subsidized loans. This maximum total graduate debt limit includes Stafford Loans received for undergraduate study. These amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized FFEL loans. The current interest rate, established by the federal government, varies but will not exceed 8.25 percent.

Federal Requirements for Educational Borrowing
If you accept the Stafford loan offered to you; you will be required to sign a Master Promissory Note (MPN). All first time borrowers at SNHU are required to complete a Master Promissory Note (MPN) and Entrance Loan Counseling (ELC) before loan funds will be distributed.

The Stafford MPN is signed once for all years the student borrows at SNHU. Unlike other loan applications, the MPN does not indicate a loan amount on it. The maximum loan amount for which you are eligible will be indicated on the award letter. Students will be guided through the Stafford MPN process with the lender of their choosing.

The ELC is designed to educate loan borrowers of their rights and responsibilities. Information and directions for Stafford ELC are availble under the Loan Counseling section.