STEP SIX: Apply for a Stafford Loan
Students who are borrowing a Stafford Loan for the first time at Purchase College will need to select a lender of their choice. Please return the award letter to the Office of Financial Aid.
Helpful Tips
- The Stafford Loan Program is federally regulated. Some repayment incentives may very slightly.
- You do not need to have a bank account or visit the bank that you borrow from.
The federal government limits how much you can borrow from the Stafford Loan program according to the number of credits you have successfully completed. PLUS Loans have no completed college credit minimum or maximum. See chart for loan amounts and guidelines.
| Completed College Credits | Federal Subsidized or Unsubsidized Loans | Additional Unsubsidized Stafford Loan eligibility after July 1, 2008 | Additional Federal Unsubsidized Stafford Loan (Independent students and students whose parents have been denied PLUS loans) | Federal Plus Loan (For parents of undergraduate students only) |
| 0-29 | $3,500 | $2,000 | $4,000 | See note below* |
| 30-59 | $4,500 | $2,000 | $4,000 | See note below* |
| 60 and above | $5,500 | $2,000 | $5,000 | See note below* |
| Graduate students | $8,500 | Not Applicable | $12,000 | Not Applicable |
These rates are effective for disbursements on or after July 1, 2007.
*NOTE: The maximum PLUS loan amount is variable. The maximum amount that can be borrowed is equal to the difference between the total Cost of Attendance minus all forms of financial aid. For example, if the Cost of Attendance is $18,442 and the financial aid awarded is $11,726, the maximum PLUS loan eligibility for the academic year is $6,716. Graduate students may also be able to apply for a Graduate PLUS Loan. Contact the Office of Financial Aid for details.