This federally regulated loan program is comprised of two types of loans - Subsidized and Unsubsidized. The Stafford loan interest rate is fixed at 6.80% for both the Subsidized and Unsubsidized loans. Students may borrow a maximum of $20,500 per academic year (two semesters) in the Stafford loan program.  International students are not eligible for federal loans.

Federal Subsidized Stafford Loan

Students may borrow up to $8,500 per academic year (two semesters) in Subsidized Stafford loans if they demonstrate financial need. Financial need is determined once the FAFSA has been processed. Students will not be responsible for any interest until six months after graduation, withdrawal, or dropping to less than half-time enrollment status.

Federal Unsubsidized Stafford Loan

Students who are eligible for the $8,500 Subsidized Stafford loan may also borrow up to $12,000 per academic year (two semesters) in the Unsubsidized Stafford loan program. Interest on the unsubsidized loan will accrue immediately and may be paid monthly while in school or may be capitalized and become due once repayment begins. Students who are not eligible for Subsidized Stafford loans may receive the entire $20,500 as an Unsubsidized Stafford loan.

Apply here for Stafford Loans

Lender Disclosures

The University of Miami no longer participates as a Federal Stafford Loan lender Therefore, continuing student borrowers who previously used the University of Miami as their lender will need to complete another Master Promissory Note with a newly selected lender. Continuing students, who previously received Stafford Loans with a lender other than the University of Miami will not need to complete another MPN unless their prior lender is no longer participating as a federal loan provider.    

Additional instructions will be available regarding the loan process for the 2008 -2009 academic year in the upcoming weeks for students whose previous Stafford Loan lender was the University of Miami that do not receive financial aid for summer 2008.