Stafford Loans

2008-2009 Application Guide (pdf)

Federal Stafford Loans

FEDERAL STAFFORD LOANS (FSL) - are the first of the Federal Family Education Loan Program options which enable students to borrow from a bank, credit union or other participating lender. The subsidized amount that may be borrowed depends on the borrower's need and year in school. The interest rate for new loans 6.8%, subject to change every July 1, but will not exceed 8.25% for new borrowers. The minimum monthly payment, which begins 6 months after the borrower ceases to be enrolled at least half-time, is $50 (subject to change). Loans must be disbursed in at least two payments. One-year loans are disbursed with one payment each semester. One-semester loans are divided into two payments, the second of which cannot be delivered until half way through the semester. Online Student Loan Counseling sessions are required of every student who receives a loan.

UNSUBSIDIZED FEDERAL STAFFORD LOANS (UFSL) - the second of the Federal Family Education Loan options, are available from private lenders to any students who meet the general eligibility criteria. Subject to annual limits, the UFSL may not exceed the cost of education, minus financial aid. The interest rate for new loans, which does not exceed 8.25%, is adjusted each year. Interest accrues during in-school, grace and deferment periods, but it may be paid monthly or quarterly, or added to the principal amount of the loan. Loans must be disbursed in at least two payments. One-year loans are disbursed with one payment for each semester. One-semester loans are divided into two payments, the second of which cannot be delivered until half way through the semester. Online Student Loan Counseling sessions are required of every student who accepts a loan offer.

NOTE: For the federal Family Education Loans, UVSC participates in Electronic Fund Transfer. All borrowers of federal loans must complete Online Student Loan Exit Counseling within 30 days before they stop attending UVSC at least half time.

UVU provides financial assistance to all eligible students regardless of race, color, national origin, sex, age, or disability.