Federal Family Education Loan Program (FFELP)
Loan Maximums per Academic Year:
| Dependent Undergraduates: |
$7,500* |
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Maximum $5,500 Subsidized |
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| Independent Undergraduates: |
$12,500* (Effective 07/01/08) |
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$5,500 Subsidized and $7,000 Unsubsidized |
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| Graduate Students: |
$20,500 |
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$8,500 Subsidized and $12,000 Unsubsidized |
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Current Interest Rates (7/1/09 - 6/30/10):
Loans guaranteed on or after 07/01/06 have fixed rates.
Subsidized Federal Stafford Loans for Undergraduates - 5.6%
All other Subsidized and Unsubsidized Federal Stafford Loans - 6.8%
*Under federal guidelines, undergraduate students enrolled for less than an academic year must have their Stafford Loan eligibility prorated. For example, a student who enrolls for the full year is eligible for $5,500 in loan funds. If that student is an undergraduate and will graduate at the end of the fall semester, which represents 1/4 of the academic year and the student is eligible for 25%, or $1,375. If that student will graduate at the end of the winter, he/she would be eligible for 50%, etc.
Forms:
2008-2009 Federal Stafford Loan Request Form and Fact Sheet
*2009-2010 Federal Stafford Loan Request Form and Fact Sheet will not be available on-line until October.*
Entrance and Exit Interview Sessions:
Mandatory student loan entrance and exit interview sessions can now be done on-line at: http://mappingyourfuture.org
- Select
or 
- Select "Walsh College of Accountancy & Business Administration" from the pull-down menu to send notification of your completion to us.
Borrower Hotlines
Servicers
Servicers handle loan application processing, disbursement and repayment for a group of lenders.
| Sallie Mae |
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|
888-272-5543 |
| Lenders: |
Fifth Third Bank |
808780 |
www.salliemae.com |
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National City Bank |
826947 |
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Sallie Mae Education Trust |
802218 |
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AMS Education Loan Trust |
833079 |
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| Nelnet |
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|
877-804-3603 |
| Lender: |
Nelnet Academic Loan |
824573 |
www.nelnet.net |
| Charter One Bank |
808140 |
800-721-3969 |
Lenders
Some lenders handle the loan application processing, disbursements and servicing themselves.
Guaranty Agencies
Guaranty Agencies are organizations that monitor the rules & regulations of the Federal Loan Programs.