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FEDERAL FAMILY EDUCATIONAL LOAN PROGRAM
A federally based Stafford Loan program for students and parents. The maximum loan amount depends on the student's enrollment status and the year in school.
Aggregate Loan Limits (Effective July 1, 2008)
Loan Limits Under H.R. 5715
Additional unsubsidized Stafford loan limits applicable to undergraduate students are increased for loans first disbursed on or after July 1, 2008. Subsidized limits (up to base amount) are unchanged. For students enrolled as regular students in eligible programs, annual Stafford loan limits are as follows:
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Dependent Students
Except Students Whose Parents Cannot Borrow PLUS) |
Base amount
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Additional unsubsidized loan amount
|
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Prior to July 1, 2008
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Effective July 1, 2008
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Freshman
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$3,500
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0
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$2,000
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Sophomore
|
$4,500
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0
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$2,000
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Junior or senior
|
$5,500
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0
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$2,000
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Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan
|
Base amount
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Additional unsubsidized loan amount
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Prior to July 1, 2008
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Effective July 1, 2008
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Freshman
|
$3,500
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$4,000
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$6,000
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Sophomore
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$4,500
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$4,000
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$6,000
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Junior or senior (not applicable to Bergen Community College students)
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$5,500
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$5,000
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$7,000
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Subsidized Loan Interest Rate Reductions
| First Disbursement of a loan: |
|
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| Made on or After |
And made before
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Interest rate on the unpaid balance
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July 1, 2008
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July 1, 2009
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6.0%
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July 1, 2009
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July 1, 2010
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5.6%
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July 1, 2010
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July 1, 2011
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4.5%
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July 1, 2011
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July 1, 2012
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3.4%
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Reference HEA 427A(I)
This change does not affect any prior loans made to these or any other borrowers as the terms and interest rates of those prior loans remain unchanged.
These reduced interest rates apply only to subsidized loans; any unsubsidized Stafford Loan for the same undergraduate borrower would continue to be made at the current fixed interest rate of 6.8%.
If you are interested in a loan, please select the appropriate link listed below.
Stafford Loans
Parent Plus Loans
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© 2008 Bergen Community College
400 Paramus Road, Paramus, New Jersey 07652, 201-447-7100 |
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