Interest Rates

The interest rate on subsidized Stafford Loans first disbursed from
July 1, 2009 – June 30, 2010 will have a fixed rate of 5.6%.

The interest rate on unsubsidized Stafford Loans first disbursed from             
July 1, 2009 – June 30, 2010 will have a fixed rate of 6.8%.

Visit Great Lakes Higher Education Corporation’s website to get an up-to-date listing of the current FFELP (Federal Family Education Loan Program) interest rates. On the borrower tab of that website, use the About Applications & Loans title at the top portion of the site for general information.

Loan Origination and Default Fees

Both subsidized and unsubsidized stafford loans may have a 0.5% origination fee and 1% default fee.

Repayment

Stafford loans enter repayment 6 months after you graduate or drop below half-time and have a 10 year repayment period.