| Who Can Apply? |
Dependent and independent undergraduate or graduate
students. |
| Eligibility |
Student must complete a Free Application for Federal
Student Aid (FAFSA).
Eligibility for Federal Subsidized Stafford must be determined prior
to receiving an Unsubsidized Stafford loan.
Student must be enrolled at least half-time in a degree
or certificate program at an eligible institution. |
| Interest Rate |
For Undergraduate Students
For all loans first disbursed prior to 07/01/08 - 6.8% fixed.
For Subsidized loans first disbursed after 07/01/08 - 6.0% fixed.
For Unsubsidized loans first disbursed after 07/01/08 - 6.8% fixed.
For Graduate Students
For all loans, regardless of disbursement date - 6.8% fixed.
|
| Fees |
Origination Fee:
- A Stafford loan first disbursed on or after July 1, 2007, will have a maximum fee of 1.5%.
- A Stafford loan first disbursed on or after July 1, 2008, will have a maximum fee of 1%.
Federal Default Fee: 1%
Fees are deducted from the loan proceeds prior to disbursement.
Origination and Default Fees Amounts:
Amount Borrowed |
Prior to July 1, 2008 – 2.5% |
Beginning July 1, 2008 – 2.0% |
3,500 |
$87.50 |
$70 |
4,500 |
$112.50 |
$90 |
5,500 |
$137.50 |
$110 |
7,500 |
$187.50 |
$150 |
8,500 |
$212.50 |
$170 |
10,500 |
$262.50 |
$210 |
|
| Loan Limits |
For Loans Disbursed On Or After July 1, 2007
Annual Limits |
Stafford Loan Amount (Subsidized & Unsubsidized)* |
Possible Additional Unsubsidized Amounts** |
Total Stafford Borrowing |
1st Year
Undergraduate |
$ 3,500 |
$ 4,000 |
$ 7,500 |
2nd Year
Undergraduate |
$ 4,500 |
$ 4,000 |
$ 8,500 |
3rd Year & Beyond Undergraduate |
$ 5,500 |
$ 5,000 |
$10,500 |
|
|
|
|
Graduate /
Professional |
$ 8,500 |
$ 12,000 |
$20,500 |
* Subsidized Stafford amounts are for dependent or independent students.
** represents possible additional unsubsidized Stafford amounts for independent students or a dependent student whose parent is denied a PLUS loan.
*** Loan Period must end after July 1, 2007.
Aggregate Loan Limits
|
Maximum Subsidized Borrowing |
Maximum (Subsidized & Unsubsidized) Borrowing |
Dependent Undergraduate |
$23,000 |
$23,000 |
Independent Undergraduate |
$23,000 |
$46,000
(of which no more than $23,000 can be Subsidized). |
Graduate/Professional Student |
$65,500 |
$138,500
(of which no more than $65,500 can be Subsidized). This debt includes any Stafford Loans borrowed during Undergraduate study. |
|
| Interest |
Subsidized
Interest is paid by the Government during in-school,
grace and deferment periods.
Interest during status other than above is the borrower's
responsibility.
Unsubsidized
Interest begins accruing at the first disbursement while the borrower is still in school.
All accrued interest is the responsibility of the borrower. Accrued interest will capitalize upon entry into repayment or at the end of forbearance and deferment periods. Accrued interest can be paid at any time. |
| Repayment Begins |
Six months after student ceases to be enrolled on
at least a half-time basis. |
| Repayment Terms |
Standard term up to 10 years. $50 minimum payment
per month. |
| Deferment Options |
Available under certain circumstances. |
| NHHELCO Borrower Benefits* |
0.25% interest rate reduction for auto debit.
|
<Apply Online through NHHELCO Now>
The NHHEAF Network Organizations reserve the right to modify or cancel its programs at any time.
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