Federal Stafford Loans are low-interest loans for undergraduate and graduate students.
Stafford Loans are an extremely popular and cost-effective source of education funds. Eligibility is based on cost of attendance and Expected Family Contribution.
Who It's For: Eligible students looking to attend college
There are two types of Stafford Loans: subsidized and unsubsidized. Depending on household income, a student may be eligible for one or both loans. The school will specify the loan type for which the student should apply.
You must:
Loan limits vary depending on a student's year in school and whether they are considered a financially dependent or independent student. The school's financial aid office will determine a student's eligibility for a subsidized or unsubsidized loan.
Loan proceeds are usually sent to the school in two or three payments called disbursements. This chart lists the borrowing limits.
Two fees may be deducted from the loan funds and are included in the amount a student will pay back. The U.S. Department of Education charges an origination fee of 0.50% (effective 7/1/09) and the loan guarantor charges a federal default fee of 1%. The default fee will be waived if the participating guarantee agency selected by the borrower will pay the fee.
Once you graduate, withdraw or drop below half-time status, you will be granted a six-month grace period. During your grace period, your lender will provide you with a repayment disclosure statement containing your repayment terms, including the amount of your monthly payment and when your first payment is due. Repayment of the Federal Stafford Loan begins at the end of this six-month grace period and usually extends up to ten years. The payment amount is determined by the total amount borrowed, but cannot be less than $50 per month; however, you should talk to your lender to determine other flexible repayment terms that may be available.
For more information, contact our customer service center to speak with one of our student loan specialists at 1-800-762-1001, Monday through Friday from 8am to 6 pm Eastern time.
1The interest rate reduction benefit is lost if automatic payment deduction is discontinued. 2For unsubsidized Stafford Loans, interest will accumulate during periods of deferment. Paying the accrued interest each quarter will save money over the repayment term of the loan because any unpaid interest will be added to the principal loan balance at the end of the deferment period.
PNC reserves the right to modify or discontine any or all terms of this program at any time without notice. Loans may be sold to other financial organizations including the federal government. The interest rate and term of the loan will not change if a loan is sold.
To speak to a loan specialist, call:
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You (and cosigner, if applicable) will need the following information:
The information required to successfully complete the application, such as personal, income and financial aid (borrower only) information, will be provided during the application process.
You will now be transfered to PNC's loan service provider's (AES) Web site to complete your application. After selecting the loan details, you will be asked to log into your AES account before entering your personal information.