Types of Stafford Loans
A Stafford Loan is a federal loan made possible by the U.S. Department of Education. Repayment for these begins six months after separation from the school.
There are two types of Stafford Loans:
- Subsidized: Need-based; government pays the interest while in school, during a six-month grace period, and future deferment periods
- Unsubsidized: Non-need-based; loan accrues interest after the first disbursement is sent to school; borrower may choose to pay interest monthly or defer the interest into the principle of the loan
Loan Limits
Loan limits are set by the federal government, and the actual loan eligibility is determined by the Financial Aid Office based on being an eligible student, attending at least half-time enrollment, annual and aggregate limits.
Undergraduate Student Loan Limits
(BSN Upper Division, BSN Weekend Evening Option, & BSN Accelerated)
Third- and Subsequent -Years Undergraduates | Dependent Student | Independent Student or Dependent Whose Parent is Ineligible for PLUS |
Based Stafford Loan Eligibility (subsidized and unsubsidized) | $5,500 | $5,500 |
Additional unsubsidized Stafford Loan eligibility | $2,000 | $7,000 |
Graduate Student Loan Limits
(CRNA, DNP/PhD, & MSN)
*You will be required to complete exit counseling once you complete your program, withdraw or drop below half-time attendance.
**For graduate students whose loan period is on or after July 1, 2012, you are no longer eligible for a Subsidized Direct Stafford Loan. For graduate students who are still eligible to borrow the full annual limit of $20,500, you would only be eligible for a Direct Unsubsidized Stafford Loan.
Graduate and Professional Students | Dependent Student | Independent Student or Dependent Whose Parent is Ineligible for PLUS |
Unsubsidized Stafford Loan eligibility | N/A | $20,500 |
Maximum Graduate/Professional Total | N/A | $20,500 |
How to Apply
The Stafford Loan requires the successful submission of the Free Application for Federal Student Aid form. This application is sent directly to the Federal Processor. After processing, a Student Aid Report (SAR) is sent to the student and an Institutional Student Information Record (ISIR) is electronically sent to the financial aid office, provided our Title IV school code is listed on the FAFSA.
STEP 1
Obtain a Federal Student Aid ID (Formerly Federal Student Aid PIN)
The FAFSA application requires you to obtain an FSA ID. If you do not have an FSA ID, you can create a user account to obtain the ID number.
STEP 2
Complete Your Free Application For Federal Student Aid (FAFSA)
Please complete the FAFSA for the year you will be attending school, and be sure to include Goldfarb’s school code on the FAFSA: 006389.
There are two ways to complete the FAFSA:
- Via the Internet at https://studentaid.gov/h/apply-for-aid/fafsa
- Directly through the Financial Aid Office by appointment (to be completed online)
See below for instructions on how to use the Data Retrieval Tool.
(The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA) and transfer the data directly into their FAFSA from the IRS Web site).
Click here for information about how your federal student aid is determined.
STEP 3
Sign a Master Promissory Note & Complete Entrance Counseling
After completing the FAFSA, and in order to receive a Federal Stafford Loan, you must sign a Master Promissory Note and complete Entrance Counseling.
Once you graduate, withdraw or drop below half-time attendance, you are required to complete Exit Counseling.