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Office of Financial Aid

Understanding Your Award Letter

Federal Direct Stafford Loans

A federal Direct loan is a guaranteed student loan available to students attending Keuka College at least half time. Federal Direct loans have a low, fixed interest rate and deferred payments while the student is in school. The annual federal Direct loan limits for the 2011-2012 academic year are as follows:

Dependent

0-25 credits $5,500 (up to $3,500 subsidized)
26-54 credits $6,500 (up to $4,500 subsidized)
55-83 credits $7,500 (up to $5,500 subsidized)
84 + credits $7,500 (up to $5,500 subsidized)

Independent

0-25 credits $9,500 (up to $3,500 subsidized)
26-54 credits $10,500 (up to $4,500 subsidized)
55-83 credits $12,500 (up to $5,500 subsidized)
84 + credits $12,500 (up to $5,500 subsidized)
Graduate $20,500 (all unsubsidized)

* Eligible credits are determined by the Office of the Registrar

Aggregate Limits for Stafford Loans

Subsidized Base Amount Total (subsidized and unsubsidized)
Dependent Undergraduates $23,000 $31,000
Independent Undergrads & Dependent Undergrads without access to Parent PLUS $23,000 $57,500
Graduate and Professional Students $65,000 $138,500

There are two types of Federal Direct Loans: subsidized loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment. The interest rate for subsidized direct loans for the 2012-2013 year is fixed at 3.4%.

Unsubsidized loans accrue interest while you are in school. The interest rate for 2012-2013 unsubsidized direct loans is fixed at 6.8%.

Apply Online: Students will need to complete an e-MPN online at StudentLoans.gov in order for Keuka College to receive funding for this loan.

First-time borrowers of Stafford Loans must also complete an entrance seminar.