Creighton University

Federal Stafford Loan Program

 

for loans disbursed after July 1, 2009 the following applies:

• Subsidized Stafford loans have a fixed interest rate of 5.6% for undergraduate students.  This rate will go down in the future. Check the Stafford loan link for rates.
• Unsubsidized Stafford loans have a fixed interest rate of 6.8% for undergraduate students.
• Subsidized and Unsubsidized Stafford loans have a fixed interest rate of  6.8% for graduate and professional students.
• Guaranty agencies may deduct a federal default fee of 1% from each disbursement.
• Lenders will deduct a  .05 % origination fee from each disbursement.
• Interest on Subsidized Stafford loans is paid by the federal government while the student is in school.
• Interest on the Unsubsidized Stafford, PLUS and Grad PLUS is not paid by the federal government and will start to accure interest from date of disbursement.
• Repayment begins 6 months after graduation (or enrollment status drops below half-time.)
• Your award letter will specify the amount of subsidized and/or unsubsidized Stafford loan funds you are eligible for.
• Annual borrowing limits:

 

 

Dependent Students ( Except Students Whose Parents Cannot Borrow a PLUS Loan)	Base Amount	Additional unsubsidized loan amount
Freshmen (0-23 hours)	$3,500	$2,000
Sophomores (24-59 hours)	$4,500	$2,000
Juniors (60-95 hours)	$5,500	$2,000
Seniors (96-128 hours)	$5,500	$2,000

 

 

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Independent Undergraduate Students  and Dependent Students Whose Parents Cannot Borrow a PLUS loan)	Base Amount	Additional unsubsidized loan amount
Freshmen (0-23 hours)	$3,500	$6,000
Sophomores (24-59 hours)	$4,500	$6,000
Juniors (60-95 hours)	$5,500	$7,000
Seniors (96-128 hours)	$5,500	$7,000

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	Base Amount	Unsubsidized loan amount
Graduate, Law, Physical Therapy and Occupational Therapy Students	$8,500	$12,000
Pharmacy Students	$8,500	$24,500
Medical and Dental Students	$8,500	$32,000

 

 

• Aggregate borrowing limits:

Dependent	$23,000 Subsidized $31,500 sub/unsub combined
Independent	$23,000 Subsidized $57,500 Sub/unsub combined
Graduate, Law, Physical Therapy, Occupational Therapy	$65,500 Subsidized $138,500 sub/unsub combined
Medical, Dental, Pharmacy	$65,500 Subsidized $214,000 sub/unsub combined

PLUS for parents

• Available to parents of dependent undergraduate students. Parents can borrow up to total cost of attendance minus other financial aid. The loan is in the parent's name.  Repayment begins 60 days after 2nd disbursement of the loan period.
• A 3% origination fee will be deducted by the lender from each disbursement
• A 1% Federal default fee may be deducted by the guaranty agency. Some lenders will pay this fee on behalf of their borrowers.
• Fixed interest rate of 8.5%
• Interest on the PLUS loan will begin accruing at time of disbursement.
• Parents may defer repayment until the student graduates or is enrolled less than half time.

Grad PLUS

• Students can borrow, on their own behalf, up to total cost of attendance minus other financial aid. These loans will benefit from an automatic in-school deferment. Repayment begins immediately upon graduation or less than half time enrollment.
• A 3% origination fee will be deducted by the lender from each disbursement
• A 1% Federal default fee may be deducted by the guaranty agency.  Some lenders/guarantors will pay this fee on behalf of their borrowers.
• Fixed interest rate of 8.5%.
• Interest on the Grad PLUS loan will begin accruing at time of disbursement.

View a chart that shows estimated monthly loan payments

Remember, loans must be repaid.  Go here for additional information on loan repayment options.