What is a Stafford loan and how do I notify La Salle that I wish to borrow a Stafford loan?
Stafford loans are federal loans in which the student is the borrower. Students will use the Institutional Data Form (IDF) in the La Salle portal to select their lender from our Stafford Lender List. Instructions for completing the IDF can be found here.
What is the interest rate on Stafford loans?
For loans disbursed during the 2009-2010 school year, the interest rate is 5.60% on subsidized Stafford loans and 6.80% on unsubsidized Stafford loans. For a previous year’s interest rate, please contact your lender.
When do I have to start repaying my Stafford loan?
Stafford loans have a six month grace period. This means that a student has six months from the time they graduate, withdraw, or drop below half-time enrollment before they go into repayment. Half-time enrollment at La Salle is considered 3 credits per semester for graduate students and 6 credits per semester for undergraduate students.
What is an entrance interview?
Before you receive your Stafford Loan, the Federal government requires that you understand the basics of borrowing. La Salle requires you to complete an online survey to inform you of the following:
What is an exit interview?
Before you begin repaying your Stafford loan(s), the Federal government requires that you understand the basics of repayment. La Salle requires you to complete an online survey to inform you of the following:
How does a student qualify for the additional unsubsidized Stafford loan?
Initially, all undergraduate students are offered $2000 of unsubsidized Stafford funds in their award letters. They are eligible for additional unsubsidized Stafford funds if they are independent or their parents were denied a PLUS loan. The additional unsubsidized amounts are $4000 for each freshman and sophomore years and $5000 for each junior and senior years.
What academic standards do I have to maintain for Stafford loan eligibility?
In order to continue to receive Federal and Institutional need-based aid, the student must successfully earn 66% of all attempted credits.
In addition to completing a certain number of attempted credits, all students are required to achieve the cumulative grade point average as listed below if they are to continue to receive Institutional and Federal financial aid.
Required CUM GPA
For the definition of attempted and earned credits and for the formula of the calculation of the grade point average, please contact the Registrar.
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