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Federal Stafford Subsidized Loan:
- Up to $3500 for freshman,
$4500 for sophomores,
$5500 for juniors and seniors
- Need-Based Loan
- Grace Period is 6 months after no longer enrolled at least half-time or 6 credit hours
- As of July 1, 2008, the Federal Subsidized Stafford Loan Interest Rate is 6.0% for Undergraduate students and 6.8% for Graduate students
- Repayment begins at end of grace period
- The accruing interest on the Federal Subsidized Stafford Loan is paid on behalf of the student by the government for those students who qualify based on the results of the FAFSA.
How To Apply
- Fill out a FAFSA as soon as possible after Jan 1.
- An Award Notification will be sent to the student via e-mail; if eligible, the loan will be listed among the aid.
- Respond to the Award Notification by indicating “yes” to Federal Unsubsidized Stafford Loan through VISION.
- If a First time borrower, student must complete a Master Promissory Note and Entrance Interview online through VISION. These are good for all years the student consecutively borrows the Subsidized Stafford or Unsubsidized Stafford Loan from ORU.
- Students may choose from our recommended list or any lender they believe best meets their needs. NASFAA recommends these sites for analyzing, calculating and comparing loan products: www.finaid.org/calculators/loananalyzer.phtml or http://www.finaid.org/calculators/loandiscounts.phtml. Please contact the Financial Aid Office if you wish to select a lender that is not represented on our Recommended Lender List.
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