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Federal Direct Stafford Loan

Applying for the Federal Direct Stafford Loan

  • Step 1 of 3: Complete the FAFSA
  • Step 2 of 3: Complete Entrance Counseling and the Master Promissory Note
    • Once signed in, select “Complete Counseling” then select “Start” under the “Entrance Counseling” header and follow the instructions by selecting the counseling specific to the borrower’s degree classification (undergraduate or graduate student) at the bottom of the page
    • Once counseling is completed, select “Complete MPN” from the menu on the left side of the page. Select “Subsidized/Unsubsidized” and follow instructions
  • Step 3 of 3:Accept the loans you wish to borrow via AccessPlus

Subsidized Stafford Loan

  • A need-based loan funded by the U.S. Department of Education and administered by Iowa State University
  • Eligibility is determined by filing the FAFSA
    • New borrowers as of July 1, 2013 (borrowers who do not have an outstanding Stafford Loan balance as of this date are considered “new”) can only receive Subsidized loans for 150% of their published program length. For example, if a program’s published length is 4 years, a student would be eligible for subsidized loans for 6 years.
  • The interest is paid by the federal government while the student remains enrolled at least half-time
    (see interest rates and origination fees)
  • First time borrowers need to complete Entrance Counseling and the Master Promissory Note (MPN)
  • All borrowers must accept the funds they wish to borrow on a semester basis via AccessPlus
  • See below for annual borrowing amounts

Unsubsidized Stafford Loan

  • A loan funded by the U.S. Department of Education and administered by Iowa State University
  • A FAFSA must be filed to qualify
  • Interest is not paid by the federal government while the student is enrolled and is the responsibility of the borrower during that time
    (see interest rates and origination fees)
  • Interest will begin to accrue the date the loan is disbursed and can be:
    • Paid while the student is in school OR
    • Added to the principal balance when the loan enters repayment (Capitalized)
  • First time borrowers need to complete Entrance Counseling and a Master Promissory Note (MPN)
  • All borrowers must accept the funds they wish to borrow on a semester basis via AccessPlus

Qualified Borrowing Amounts

DEPENDENT STUDENTS
  Base Amount* Additional Unsubsidized Amount
Freshman $3,500 $2,000
Sophomore $4,500 $2,000
Junior $5,500 $2,000
Senior $5,500 $2,000
INDEPENDENT STUDENTS
  Base Amount* Additional Unsubsidized Amount
Freshman $3,500 $6,000
Sophomore $4,500 $6,000
Junior $5,500 $7,000
Senior $5,500 $7,000
*The base amount is the aggregate amount of Federal Subsidized Stafford AND Federal Unsubsidized Stafford loans.
CLASSIFICATION
  Annual Unsubsidized Loan Amount
Undeclared Graduate Student $12,500*
Graduate Student $20,500
Veterinary Medicine Student $40,500
*An undeclared graduate student can receive $12,500 over the course of 12 months.

MAXIMUM AGGREGATE
(COMBINED TOTAL)
  Maximum Subsidized Loan Limit Maximum Loan Limit
(Sub and Unsub combined)
Dependent Undergraduate Student $23,000 $31,000
Independent Undergraduate Student $23,000 $57,500
Graduate or Professional Student $65,500 $138,500
Health Professions Student (Veterinary Medicine) $65,500 $224,000