If you are not eligible for the maximum annual Federal Subsidized Stafford Loan, you may borrow the difference between the annual maximum and your Federal Subsidized Stafford Loan eligibility as the online payday OR Federal Unsubsidized Stafford Loan.
The interest rate for the Federal Unsubsidized Stafford Loan can vary depending on the date of the first disbursement of the loan. Interest rates for federal student loans are determined by Congress. For more information about interest rates, please visit studentaid.ed.gov/sa/types/loans/interest-rates. Borrowers are required to pay the interest on any Federal Unsubsidized Stafford Loan while in school or in a deferment period.
Interest may be capitalized if agreed upon by both the borrower and lender. A required origination fee is deducted at the time of disbursement. These can be completed at using your FSA ID and password. Borrowers are advised to read all of the documentation fully before signing.
A dependent undergraduate student may borrow a cumulative maximum of $31,000 (total of Federal Subsidized Stafford Loan and Federal Unsubsidized Stafford Loan) if eligible. Lower limits may apply for students attending less than a full academic year. The Financial Aid Offer indicates the maximum you are eligible to borrow for a particular academic year. If you have borrowed Federal Unsubsidized Stafford Loans, you must complete exit counseling when finishing your academic career at Earlham College.
The Office of Financial Aid electronically notifies borrowers when the loan has been disbursed. Borrowers may cancel all or a portion of the Federal Unsubsidized Stafford Loan disbursement by submitting a written request to the Office of Financial Aid within 15 days of receiving the disbursement notice that the Direct Loan has been disbursed.
Federal Additional Unsubsidized Stafford Loan
If a dependent student’s parents are denied a Federal Direct PLUS Loan, the annual maximum can increase by the amounts listed below (the Office of Financial Aid will determine the amount a student can borrow):
The net proceeds of the loan for first-time borrowers will not be credited to your account until loan entrance counseling and a Master Promissory Note (MPN) have been completed
- $4,000 for first- and second-year students (less than 59 semester credits)
- $5,000 for third- and fourth-year students (59 credits or more)
The annual limits for students considered independent for purposes of Federal Title IV Student Aid according to federal regulations are the same as for dependent students whose parents are denied a Federal Direct Plus Loan.
The interest rate for the Federal Additional Unsubsidized Stafford Loan can vary depending on the date of the first disbursement of the loan. Interest rates for federal student loans are determined by Congress. For more information about interest rates, please visit studentaid.ed.gov/sa/types/loans/interest-rates. Borrowers are required to pay the interest on any Federal Additional Unsubsidized Stafford Loan while in school or in a deferment period. Interest may be capitalized if agreed upon by both the borrower and lender.
A required origination fee is deducted at the time of disbursement. The net proceeds of the loan for first-time borrowers will not be credited to a student’s account until loan entrance counseling and a Master Promissory Note (MPN) have been completed. These can be completed at using your FSA ID and password. Borrowers are advised to read all of the documentation fully before signing.
A dependent undergraduate student may borrow a cumulative maximum of $57,500 (total of Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan and Federal Additional Unsubsidized Stafford Loan) if otherwise eligible. Lower limits may apply for students attending less than an academic year. The Financial Aid Offer indicates the maximum the student is eligible to borrow for a particular academic year.
