Stafford Loan
The Federal Stafford Loan program enables students to borrow money at a low interest rate to help meet educational expenses. Banks, credit unions, savings and loan associations, and other lenders participate in the Federal Stafford program. To be eligible to apply, a student must be a United States citizen or a permanent resident; enrolled or admitted as a matriculated student on at least a half-time basis; and in good academic standing. The maximum for this loan program is $18,500 per year in subsidized and unsubsidized loans combined. The maximum aggregate amount of all federal student loans is $138,500, which includes all undergraduate and graduate debt.
Subsidized Federal Stafford Loan
Students who borrow a need-based Federal Stafford Loan benefit from the federal government's paying the interest while they are in school or in deferment. Need-based loans are called Subsidized Federal Stafford Loans because the government is subsidizing or supporting these loans until their repayment begins. The maximum subsidized loan amount is $8,500.00 per year.
Unsubsidized Federal Stafford Loan
Students who do not qualify for Subsidized Federal Stafford Loans can obtain unsubsidized ones. The main difference is that the government does not pay the interest; students must pay it themselves through monthly or quarterly payments or by allowing the lender to add the interest to the principal of the loan if a payment is missed. Students may borrow up to the amount of their costs minus other financial aid and subsidized loans.
Perkins Loan
Touro Law Center participates in the Federal Perkins Student Loan Program , which provides aid to students enrolled on at least a half-time basis. Awards are based on need.
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