Eligibility Criteria

1. Enrolled at least half-time
2. Not in default on another student loan
3. Must show financial need
4. U.S. citizen or eligible non-citizen
5. Maintaining satisfactory academic progress

Amounts and selection process

The exact amount will vary depending on financial need.

Terms

For the 2012-13 academic year, the interest rate will be a fixed rate of 3.4 percent. No interest accrues while the student is enrolled at least half-time. Standard repayment period is 10 years. A net 1.051 percent processing fee is deducted from the loan proceeds when the funds are disbursed. Repayment begins and interest accrues six months after the last date of half-time enrollment.

Application Process

1. File the Free Application for Federal Student Aid.
   
2. Eligible students will be notified to accept the Stafford Loan on CheckMarq.
3. Federal regulations require first-time borrowers to complete entrance counseling and an electronic Master Promissory Note (eMPN) before disbursement of funds.

Renewal process

Award is renewed only if all necessary forms are filed each year and students continue to meet eligibility requirements. Students may not be required to complete entrance counseling and eMPN if these requirements were previously completed.