The Federal Stafford Loan Program is a low-interest loan program that is guaranteed against default by the federal government. Loans are set at a variable interest rate by the Department of Education. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). All Stafford Loans are either subsidized (the government pays the interest while the student is in school) or unsubsidized (student pays all the interest, although they can have the payments deferred until after graduation). Students must be able to demonstrate financial need to receive subsidized Stafford Loan. All students, regardless of need, are eligible for the unsubsidized Stafford Loan.

Additional unsubsidized Stafford loan limits applicable to undergraduate students are increased for loans first disbursed on or after July 1, 2008. Subsidized limits (up to base amount) are unchanged. For students enrolled as regular students in eligible programs, annual Stafford loan limits are as follows:

Parent borrower eligibility: To borrow a PLUS loan for a student, the parent must be the student's biological or adoptive mother or father. Both parents may get a PLUS loan as long as the total aid package does not exceed the student's cost of attendance. A stepparent is also eligible to borrow a PLUS loan if his/her income and assets would be taken into account when calculating the dependent student's EFC. A legal guardian is not con¬sidered a parent for FSA purposes.

These loans are primarily for those that do not qualify for Federal student loans. Applicants for these loans are not required to complete the Free Application for Federal Student Aid (FAFSA). Loans typically carry variable interest rates, allow no grace period and require a credit check. In some cases students may also be asked to have a co-signer. Students have to apply directly with their chosen lender prior to the start of the academic year. A certification request will be sent to TOURO COLLEGE after the student's loan application has been approved.

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