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Stafford Loans
Beginning July 1, 2012:
End of upfront interest rebate on Federal Direct Stafford and PLUS Loans
Budget Control Act of 2011 Summary: In the past, borrowers received an up-front rebate on loan fees. The new law eliminates the up-front origination fee rebate on all Stafford and PLUS loans. These loans will now be assessed the full 1% fee on Stafford loans and the 4% fee on the Parent PLUS/Graduate PLUS loans, which will be deducted from each loan disbursement.
The following is true of all Stafford loans:
- FAFSA required for federal loans
- No credit checks or collateral required
- Fixed interest rates
- A net origination fee of 1.0% will be charged
- Half-time enrollment required (at least 6 credit hours)
- Must maintain satisfactory academic progress according to Financial Aid Academic Progress Standards:
- Entrance loan counseling is required for all new Coastal Carolina University loan recipients.
Stafford Loans are federal student loans and can be subsidized or unsubsidized depending on the student's financial need.
- Subsidized Stafford Loans are awarded on the basis of financial need. The federal government pays the interest on these loans while you are in school.
- Current Subsidized interest rate: 3.4% for undergraduate students and 6.8% for graduate students.
Beginning July 1, 2012:
Graduate students will not be eligible for SUBSIDIZED Stafford Loans
Unsubsidized Stafford Loan eligibility will remain in place
- Current Subsidized interest rate: 3.4% for undergraduate students and 6.8% for graduate students.
- Unsubsidized Stafford Loans are not awarded on the basis of financial need and you will be charged interest on the loan until the loan is paid off. While you are in school you can make interest only payments to avoid having the interest added to the original loan amount.
- Current Unsubsidized Interest rate: fixed at 6.80% for all students.
| How to Apply: |
| 1. Complete the Free Application for Federal Student Aid (FAFSA) for the correct academic year. |
| 2. Sign a Master Promissory Note. |
| 3. Complete on-line Entrance Loan Counseling. |
Important note:
- If you have already completed Entrance Loan Counseling while attending Coastal Carolina University, you are not required to complete a new counseling session. However, if in doubt, to prevent a delay, you may complete a new Entrance Loan Counseling session.
Please see Stafford Loan Limits & Rates
Click here to complete the FAFSA on-line.