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Education Programs

FEDERAL STAFFORD LOANS

There are two types of Federal Stafford Loans:

The Subsidized Federal Stafford Loan is a need-based loan.  The student does not pay principal or interest on the loan while  attending school.  The federal government "subsidizes" the  interest until the student begins repayment - normally 6 months after graduation, leaving school, or dropping below half time (less than six semester or quarter hours per term)
   

The Unsubsidized Federal Stafford Loan is a non-need-based loan.  The student is charged interest from the time the loan is disbursed until it is paid in full.  Principal repayment normally begins 6 months after graduation, leaving school, or dropping below half time (less than six semester or quarter hours per term).

Maximum Annual Loan Amounts

Borrower’s
Academic Level

Dependent Student 1

Independent Student 2

Subsidized & Unsubsidized
Total Amount

Subsidized Limit

Unsubsidized Limit

Total Amount
First Year
Undergraduate Student

Full Academic Year

$2,625

$2,625

$4,000

$6,625
Second Year
Undergraduate Student

Full Academic Year

$3,500

$3,500

$4,000

 $7,500
Third Year and Beyond
Undergraduate Student
Full Academic Year

$5,500

$5,500

$5,000

$10,500
Graduate/Professional Student

N/A

$8,500

$10,000

$18,500

1 Dependent Student - The children of CGMA clients, under 23 years of age, dependent upon an eligible CGMA client for over half of their support.  Following federal criteria, other factors may be considered to determine dependent status.  Contact your school for additional information.

2 Independent Student - CGMA clients, spouses, and any student enrolled in a graduate program.

The total debt outstanding for a dependent undergraduate student may not exceed $23,000.

The total debt outstanding for an independent student is limited to:

$46,000 for undergraduate study ($23,000 subsidized and $23,000 unsubsidized).
   

$138,500 for undergraduate and graduate studies combined.

The interest rate for Federal Stafford Loans is an annual variable rate set by Congress.  For the current interest rates or more detailed information on Stafford Loans, please contact:

Your school's Financial Aid Office 
   

Call the U.S. Department of Education Federal Student Aid Center at 1-800-433-3243, or visit their web site: www.ed.gov