Federal Direct Stafford Loans
The Federal Direct Unsubsidized Stafford Loan ("Stafford") program is the most readily available of the federal loans for GW Law students.
Quick Facts
- Interest rate: Annually fixed, currently 5.31% for loans disbursed from July 1, 2016, to June 30, 2017
- Origination fee: adjusted annually, currently 1.068% , deducted proportionately from each disbursement.
- Annual maximum: $20,500 per year.
- Aggregate maximum: $138,500 graduate and undergraduate.
- One lender: the Department of Education, for borrowing and repayment
- No bank or guarantor involved
- Servicer: an agent of the Department of Education; not sold to a third party.
- At repayment, accrued interest is capitalized, i.e., becomes part of the principal amount borrowed
- Standard repayment: ten years, unless payments are extended by loan consolidation or other repayment plan
- Consolidation with Federal Perkins Loans and Federal Direct GradPLUS Loans, repayable over a longer time period, depending upon amount borrowed
- Early repayment penalty: None
- If you reduce your enrollment status, withdraw, or take a leave of absence from the law school, you may enter repayment sooner.
- Federal loans qualify for deferments and forbearance options as well as death and disability provisions.