Stafford Loan
interest paid by government while borrower is in school
- Available to: U.S. citizen or permanent resident alien enrolled at an eligible postsecondary institution
- Amount: Annual maximum loan amount is $20,500. Up to $8,500 of this amount may be subsidized. Cumulative loan limit of $65,500 for undergraduate and graduate borrowing. (Certain medical school students may be able to borrow up to $40,500 a year with a cumulative limit of $189,125.) Fixed interest rate of 6.8%.
- Requirement: Financial need and cost of attendance
- Application: Submit a FAFSA and contact college financial aid office.
Graduate Plus Loan
interest paid or accrued by borrower while borrower is in school
- Available to: Graduate or first-professional student who is a U.S. citizen or permanent resident alien enrolled at an eligible postsecondary institution.
- Amount: Annual maximum is determined by the Cost of Attendance less any financial aid received, including Federal Stafford loan eligibility. Fixed interest rate of 7.9%.
- Requirement: Credit history
- Application: Submit a FAFSA and contact college financial aid office.
Work Opportunities for College Students
Federal Work Study
- Available to: U.S. citizen or permanent resident alien enrolled as an undergraduate or a graduate student.
- Amount: Varies, based on wages and hours worked
- Requirement: Financial need
- Application: Submit a FAFSA and contact college financial aid office.
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