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Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan program is another option. Should
you find you do not qualify for the entire Federal Stafford loan maximum,
you can borrow the remaining portion through the Federal Unsubsidized Stafford
Loan. This program is similar to the subsidized Stafford Loan, however,
you are responsible for paying the interest on the unsubsidized portion
of the Stafford loan while you are in school with a fixed interest rate
of 6.8%.
The borrowing limits for an independent student have been increased through the Federal Unsubsidized Stafford Loan program. In addition to the limits listed under the Federal Stafford Loan program, an independent student could also be eligible to borrow an additional $4,000 for the first and second year of undergraduate study and $5,000 for the third, fourth, and fifth years of undergraduate study. Graduate students who are considered independent may be eligible for an additional $10,000 beyond the loan limit for the Stafford program. The Fact Sheet illustrates the different loan maximums.
The Federal Unsubsidized Stafford loan is issued in multiple increments, paid once each semester. The loan funds will be sent directly to the school by the lender.
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