Federal Stafford Loan (2024)

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How To Apply

Stafford Loan applicants must complete a 2023-24 FAFSAand Caltech's 2023-24 Stafford Loan Request form. The Stafford Loan Request form is available through My Financial Aid on access.caltech, under the "Forms" tab.

Eligibility

Stafford Loans may be awarded to students who are eligible for Federal Student Aid (most domestic students). To receive a Subsidized Stafford Loan, you must also have unmet financial need. Unsubsidized Stafford Loans can be awarded regardless of need.

Interest Rate

The interest rates on Stafford loans are now linked to the yield on the 10-year Treasury Note.This means that economic factors will determine the interest rates for loans borrowed in any given year. The interest rates on these loans are fixed, and will not change after the loan has been disbursed. The table below shows the current interest rate, along with rates from the recent past.

Academic Year Subsidized Loan Unsubsidized Loan Graduate Unsubsidized Loan
2023-24 5.50% 5.50% 7.05%
2022-23 4.99% 4.99% 6.54%
2021-22 3.73% 3.73% 5.28%
2020-21 2.75% 2.75% 4.30%
2019-20 4.53% 4.53% 6.08%
2018-19 5.05% 5.05% 6.60%
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Stafford loans are also subject to a loan fee, which is a percentage of the loan amount. Loans are assigned a fee percentage based on the date their first disbursem*nt is made.

First Disbursem*nt Made Loan Fee
Oct. 1, 2020–Sep. 30-2024 1.057%
Oct. 1, 2019–Sep. 30-2020 1.059%
Oct. 1, 2018–Sep. 30-2019 1.062%
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Borrowing Limit

Undergraduates: The annual borrowing limit varies based on a student's year in school and dependency status.

Dependent Students

Dependent Student Borrowing Eligibility

Year in School Total Eligibility Maximum Subsidized
1st Year $5,500 $3,500
2nd Year $6,500 $4,500
3rd & 4th Year $7,500 $5,500
Aggregate $31,000 $23,000
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Independent Students

Independent Student Borrowing Eligibility

Year in School Total Eligibility Maximum Subsidized
1st Year $9,500 $3,500
2nd Year $10,500 $4,500
3rd & 4th Year $12,500 $5,500
Aggregate $57,500 $23,000
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Undergraduates: The annual borrowing limit varies based on a student's year in school and dependency status.

Subsidies

Interest does not accrue on Subsidized Stafford Loans while a borrower is enrolled in school at least half-time, during a grace period or during an authorized deferment. The borrower will be responsible for paying interest that accrues while the loan is in repayment or on forbearance.

Interest will accrue on Unsubsidized Loans at all times, though interest will not need to be paid until the grace period is over.

Repayment

Stafford Loans have a grace period of six months, starting when a borrower stops attending school at least half-time. During this grace period, interest does not accrue and no payments are required. Once the grace period is over, the loan will need to be repaid. Stafford Loans are repayable over a period of ten years, though the repayment term may be extended up to 25 years.

Federal Stafford Loan (2024)
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