Federal Direct Unsubsidized Stafford Loan
William D. Ford Federal Direct Unsubsidized Stafford loans are not awarded based on a student's financial need. Through this program a student may borrow up to $20,500 annually (minus any amount eligible for in the Subsidized Federal Stafford loan). The aggregate loan limit is $73,000. The interest rate is the same as the Subsidized Stafford Loan (6.8%); however, the Unsubsidized interest begins to accrue immediately upon disbursement. The student has the option of paying the interest quarterly or allowing it to accrue while in school. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. Federal law requires both entrance and exit counseling for this loan.
Approximate Monthly Federal Direct
Unsubsidized Stafford Loan Repayment Schedule
|
Assume 6.8% Interest Rate |
||
|
Debt |
Monthly payment |
Total Paid |
|
$12,000 |
$138 |
$16,695 |
|
$24,000 |
$278 |
$33,370 |
|
$36,000 |
$416 |
$49,965 |
|
$48,000 |
$555 |
$66.619 |
(120 months)
- No payment incentives