Elizabeth City State University

William D Ford Federal Direct Stafford Student Loans

These loans are backed by the federal government. Credit checks are not required for students. There are two types of Stafford Loans: subsidized and unsubsidized. Students must have a financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay the interest on a subsidized Stafford Loan during certain periods. Interest rates are fixed at 6.8 percent for student loans first disbursed on or after July 1, 2012. Rates are subject to change. A promissory note and entrance counseling must be completed at www.studentloans.gov.

Eligible parents borrow directly from the U.S. Department of Education. This program charges a 4 percent Origination Fee which will be taken out of the loan. The fixed interest rate is 7.9 percent. Parents can apply at www.studentloans.gov.

Family Education Loan (FFEL) Program:

Annual limit based on cost of attendance budget:

Dependent Students:

First Year - $5,500 - No more than $3,500 of this amount may be in subsidized loans.
Second Year - $6,500 - No more than $4,500 of this amount may be in subsidized loans.
Third Year and each year beyond - $7,500 - No more that $5,500 of this amount may be in subsidized loans.

Independent students (and dependent students whose parents are unable to obtain PLUS Loans):

First Year - $9,500 - No more that $3,500 of this amount may be in subsidized loans.
Second Year - $10,500 - No more than $4,500 of this amount may be in subsidized loans.
Third Year and each year beyond - $12,500 - No more than $5,500 of this amount may be in subsidized loans.

Maximum Total Debt Upon Completion of Undergraduate Studies:

Dependent Students - $31,000 - No more than $23,000 of this amount may be in subsidized loans.
Independent Students - $57,500 - No more than $23,000 of this amount may be in subsidized loans.