A: The FAFSA is the only application necessary to receive Federal Direct Stafford Loans but you must accept your loans on MaineStreet in order to receive them.
For guidance on how to accept your award on MaineStreet, click here (PDF).
A: Students are offered two different types of Direct Stafford Loans, depending on their need.
A: The current Direct Stafford Loan interest rates were set on July 1, 2012.
A: Federal regulations specify the maximum Federal Direct Stafford Loan amount students can borrow each academic year, depending on grade level. Actual loan eligibility is specified on a student’s individual financial aid award and may be less than the annual maximum.
Stafford Loan Limits (effective July 1, 2008)
|Grade Level and Dependency||Credit Hours Earned||Maximum Subsidized Stafford||Maximum Stafford (subsidized and unsubsidized)|
|Dependent first-year||less than 24||$3,500||$5,500|
|Dependent sophomore||24 -53||$4,500||$6,500|
|Dependent junior or senior||54 and above||$5,500||$7,500|
|Independent first-year||less than 24||$3,500||$9,500|
|Independent junior or senior||54 and above||$5,500||$12,500|
|Graduate student||any credit hours||$8,500||$20,500|
NOTE: Dependent students whose parents are denied a Federal Direct PLUS Loan are eligible for the independent student limits if there is a valid Direct PLUS Loan denial (dated within the last year) on file with our office.
A: All students borrowing a Direct Stafford Loan for the 2010-2011 academic year need to complete a new MPN.
A: All first time borrowers must complete on-line Entrance Counseling.
A: Login to MaineStreet and go to your Student Service Center to view your Student Account. You will see the Direct Stafford Loan listed in the detailed view of your bill if it has disbursed.
A: There is a 1% origination fee from the Department of Education on all Direct Stafford Loans.
A: You will be granted a 6 month grace period before your loans enter repayment. The grace period begins when you graduate or your enrollment drops below half time.