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| Stafford Loans |
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Difference between subsidized and unsubsidized
- Federal Stafford Subsidized (sub) Loans are offered to undergraduate and graduate students on the basis of financial need. While attending school, the government pays the interest that accrues on these loans. Payments can be made at any time before repayment begins. Repayment of principal and interest begins approximately six months after graduation, if attendance goes below half-time status, or if withdrawn from program. Not everyone will qualify for this type of loan
Independent |
Dependent |
1st yr: $250 - $3500 per yr |
1st yr: $250 - $3500 per yr |
2nd yr: $250 - $4500 per yr |
2nd yr: $250 - $4500 per yr |
- Federal Stafford Unsubsidized (unsub) Loans are offered to undergraduate and graduate students regardless of financial need. You are responsible for paying all interest of any Unsub Loan from the date of disbursement until the loans are paid in full. If you choose not to pay interest while you are in school, the interest will accrue and be capitalized. Repayment of principal and interest begins approximately six months after graduation, if attendance goes below half-time status, or withdrawn from program.
Dependent Students
(Except Students Whose Parents
Cannot Borrow PLUS) |
Base
Amount |
Additional Unsubsidized Loan Amount
|
Prior To July 1, 2009 |
|
Freshman |
$3,500 |
0 |
$2,000 |
Sophomore |
$4,500 |
0 |
$2,000 |
| Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan |
Base
Amount |
Additional Unsubsidized Loan Amount
|
Prior To July 1, 2009 |
Effective July 1, 2009 |
Freshman |
$4,000 |
$2,000 |
$6,000 |
Sophomore |
$4,000 |
$2,000 |
$6,000 |
Applying for a Stafford Loan
In order to apply for and receive a Federal Stafford Student loan at Northcentral Technical College, the following items must be in place:
- You have been admitted to Northcentral Technical College and are enrolled in a financial aid eligible program.
- You have applied for federal financial aid through the FAFSA form, it has been processed, and Northcentral Technical College has received the results.
- Your financial aid application has been reviewed by the Financial Aid Office and a financial aid award notification has been sent to you for the 2008-09 academic year, which includes a Federal Stafford Loan.
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| NOTE: |
If you are awarded a Federal Stafford Loan and wish to accept the amount awarded, you will need to log into my>NTC and follow the directions included with your award notification to accept or decline the loan. |
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