Loans

Stafford Loan Program

The Federal Direct Subsidized and Unsubsidized Stafford loans are federal student loans offered by the U.S. Department of Education for eligible students to help cover the cost of higher education.

Subsidized Stafford Loans

Subsidized Stafford loans are available to undergraduate students with financial need. The U.S. Department of Education pays the intereest on subsidized loans while the student is in school and enrolled at least half-time. 

Unsubsidized Stafford Loans

Unsubsidized Stafford loans are available to undergraduate and graduate students, regardless of financial need. Interest accrual begins at the point of disbursement.

Interest rates for both subsidized and unsubsidized loans are fixed (see below), and there is currently a 1.07% origination fee deducted from the funds prior to receipt at the university. Additional information is available online at www.studentloans.gov.

Subsidized and Unsubsidized Interest Rates
Loan Type Borrower Type Loans first disbursed on or after 7/1/13 and before 7/1/14 Loans first disbursed on or after 7/1/14 and before 7/1/15
Direct Subsidized Loans Undergraduate 3.86% 4.66%
Direct Unsubsidized Loans Undergraduate 3.86% 4.66%
Direct Unsubsidized Loans Graduate 5.41% 6.21%

 

Annual Loan Limits
Year in School Dependent Students Independent Students Additional Unsubsidized if Parent PLUS loan is denied
Freshmen Annual Loan Limit $5,500 - No more than $3,500 of this amount may be in subsidized loans $9,500 - No more than $3,500 of this amount may be in subsidized loans $4,000
Sophomore Annual Loan Limit $6,500 - No more than $4,500 of this amount may be in subsidized loans $10,500 - No more than $4,500 of this amount may be in subsidized loans $4,000
Junior and Senior Annual Loan Limit $7,500 - No more than $5,500 of this amount may be in subsidized loans $12,500 - No more than $5,500 of this amount may be in subsidized loans $5,000
Graduate or Professional Annual Loan Limit Not Applicable (all graduate students are considered independent) $20,500 (unsubsidized only) Not Applicable

Loans cannot exceed the cost of attendance less other financial aid.

 

Aggregate Loan Limits
Dependent Students $31,000—No more than $23,000 of this amount may be in subsidized loans.
Independent Undergraduate Students (and Dependent Students whose parents cannot borrow from the PLUS loan program) $57,500—No more than $23,000 of this amount may be in subsidized loans.
Graduate and Professional Degree Students $138,500—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study.

 

Alternative Loans

Alternative loans are private loans that are not part of the federal financial aid program. Interest rates and fees vary greatly and may depend on the borrower’s credit-worthiness. Generally, students are required to have a co-signer. Loan amounts cannot exceed the cost of attendance less other financial aid.

Try ELMSelect to view and compare lenders that have provided private loans to George Fox students in the past. While these resources will help you make an informed decision about the most appropriate loan for you, please note that you are not required to select a lender on this list. 

not borrow more than the cost of education as determined by the budget for the school year.

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