The Federal Stafford Loan program allows eligible students to borrow up to $23,000 during their undergraduate education. Annual levels may not exceed the following:

First year: $3,500
Sophomore: $4,500
Junior: $5,500
Senior: $5,500

There are two types of Stafford Loans: subsidized and unsubsidized. The U.S. Department of Education will pay the interest that accrues on subsidized Stafford Loans during periods of enrollment. You are responsible for the interest that accrues on the unsubsidized Stafford Loan. You have the option of making quarterly interest payments during enrollment or if you choose not to, the interest will be capitalized once at repayment.

If your parents are denied the PLUS Loan, you (the student) are eligible to borrow additional funds through the unsubsidized Stafford Loan program ($4000/year for freshmen and sophomores and $5000/year for juniors and seniors).

Please click here to view Interest Rates for subsidized Stafford Loans.

*Unsubsidized Stafford Loans remain at a 6.8% fixed interest rate.

The subsidized Stafford Loan is a need-based loan. If you do not demonstrate financial need, you are eligible to borrow through the unsubsidized Stafford loan. The Financial Aid Office will determine your eligibility.

Stafford Loan limits are based on cost of attendance and cumulative credits earned.

Please click here to view Undergraduate Student Stafford Loan borrowing limits.

Please click here to view Graduate Student Stafford Loan borrowing limits.

 

Application Instructions for First-time Stafford Loan Borrowers

First time Stafford Loan borrowers must complete Stafford Loan Entrance Counseling (a federal requirement for first-time borrowers) and a Master Promissory Note (MPN). You will be directed to go through the entrance counseling session first prior to completing the MPN online. One of the required fields on the MPN is selecting a lender. The DelVal Financial Aid Office has prepared a list of preferred lenders; however, you are free to select any lender of your choice that participates in the Federal Family Educational Loan Program (FFELP).

To assist families with choosing an educational lender for Stafford, PLUS and alternative loans, please see our Preferred Lender List and Loan Comparison Tools at Elm Select or our SimpleTuition site to view our preferred lenders. For an understanding of how lenders are selected for recommendation to DelVal students and their families, please see our institutional statement on this subject.

You may also complete the paper Federal Stafford Loan application. Please call either American Education Services (AES) at 1-800-692-7392 of the DelVal Financial Aid office to request a paper application. If you use a paper application, you may still complete the Entrance Interview requirement online, where you will receive further instruction.

Application Instructions for Current Student Borrowers

Your loan will be processed through the same lender you selected in the previous year; however, you will have the opportunity to list another lender if you wish. You may view DelVal's preferred lenders below. Please be aware that your previous lender benefits may have changed. Some lenders are now charging fees. Contact your lender if you have questions on Stafford Loan fees. You may change your Stafford Lender to a zero-fee Stafford lender. All DelVal-recommended Stafford lenders offer zero fees for the 2008 -2009 academic year; please bear in mind that if you choose a different lender than previously borrowed, you will be required to complete another Stafford Loan Master Promissory Note (MPN).

Please view DelVal's preferred Stafford Lenders at either our Preferred Lender's List or our customized SimpleTuition site to begin the application process. For an understanding of how lenders are selected for recommendation to DelVal students and their families, please see our institutional statement on this subject.
 
Federal Perkins Loan

The Perkins Loan is a need-based loan awarded to full-time undergraduates. More specifically, at DelVal, these funds are distributed primarily to freshmen and sophomores demonstrating the highest financial need.

Perkins loans are awarded from a limited source of funding, which is why the dollars are targeted to the students who are not eligible to borrow as much through the Federal Stafford Loan program (freshmen and sophomores). Here is some general information about the Perkins Loan:

• 5% fixed interest rate
• 9-month grace period prior to repayment
• Eligibility and award amounts can vary among institutions

At DelVal, if you are awarded both the Federal Stafford Loan and the Federal Perkins Loan and you decide that you only need to borrow through one loan program, please notify the Financial Aid office as soon as possible. This way, we are able to re-award Perkins to other students in need.

First-time Perkins borrowers are required to complete entrance counseling and sign the Master Promissory Note (MPN) for the Perkins Loan. The Financial Aid Office will contact you regarding this.

Current Perkins borrowers do not need to complete entrance counseling or sign another MPN.