Federal Stafford Loan
The information on this page is only for SNU students who have filed the Free Application for Federal Student Aid (FAFSA) and have received an official "Financial Assistance Award Letter" from our office.
Here is some brief information about Stafford Loans:
The Stafford Loan is in the student’s name and the fixed interest rate is set by the federal government at 6.0% for Subsidized Stafford Loans and 6.8% for Unsubsidized Stafford Loans. Your award letter reflects the maximum amount you may borrow as established by the federal government. You do not have to qualify for a Stafford Loan as it is not dependent on credit. If the student attends both fall and spring semesters, the Stafford is divided into two equal disbursements (one for each semester). There are two types of Stafford Loans, and the results of your FAFSA and your financial need determine your eligibility. For a Subsidized Stafford Loan, the government pays the interest until the loan goes into repayment. For an Unsubsidized Stafford Loan, the borrower is responsible for all interest that accrues during and after enrollment. You may choose to pay the interest while you are in school so it does not capitalize, or you may defer the interest payments along with your principal loan balance. Repayment begins after a six-month grace period following graduation, withdrawal from school, or a drop in enrollment to less than six hours.
Students must be making Satisfactory Academic Progress (SAP) for parents to borrow this loan. To view requirements visit Satisfactory Academic Progress under the Financial Assistance directory at this website.
Apply for your Stafford Loan
To begin applying go to your SNU Financial Assistance Award Letter and choose the link "Apply Now." You can sign your note with an electronic signature and submit it online.
If you do not have all the information needed to complete your Master Promissory Note (MPN), you can save the information you provided and return later to complete the MPN.
Most SNU students who have already signed an MPN for prior loans will not need to sign a new note. Once you have submitted your Financial Assistance Award Letter, your financial aid counselor will send your accepted loans through for processing.
Entrance Counseling
All students must complete loan counseling prior to receiving their first Stafford Loan disbursement. Entrance counseling normally takes 15-20 minutes to complete. Complete your entrance counseling on-line by accessing http://mappingyourfuture.org/ or once you have clicked on "Apply Now" on your SNU Financial Assistance Award Letter.