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Federal Stafford Loans

Here is information to help you decide whether a federal Stafford loan is right for you.

About Federal Stafford Loans

To be eligible for the Federal Stafford Loan, you

  • must be an undergraduate, graduate or professional student enrolled at least half-time as a degree-seeking student
  • must be a U.S. citizen, U.S. national or permanent resident of the United States
  • cannot be in default on a Federal education loan or owe a repayment of Federal Title IV aid
  • must have financial need to receive a SUBSIDIZED Stafford Loan; the U.S. Department of Education will pay (subsidize) the interest that accrues on Subsidized Stafford Loans during certain periods.

Financial need is not a requirement to obtain an UNSUBSIDIZED Stafford Loan; the borrower is responsible for the interest that accrues on Unsubsidized Stafford Loans.

Award Amounts

Stafford Loan limits effective July 1, 2009 depend on year in school and dependency status. Learn more about Stafford loans


Base Amount

Additional Unsubsidized Loan Amt.


Dependent Students*









Junior or Senior




Independent Students*









Junior or Senior




Graduate Students




*Dependent students whose parents are denied a PLUS loan should refer to the independent chart.

Interest Rates and Fees

For Stafford Loans disbursed between July 1, 2018, and June 30, 2019, the interest rate is fixed at 5.05% for undergraduate Subsidized Stafford Loans (only) and fixed at 4.45% for Unsubsidized Stafford Loans and 6.60% for all graduate/professional Unsubsidized Stafford Loans.  The borrower will be assessed a fee of 1.066% before 10/01/18 and 1.062% on or after 10/01/2017 of the amount borrowed in government fees.  The 2019 - 2020 Stafford loan interest rates will be available on July 1, 2019.

Steps to apply for a Federal Stafford Loan

  • File the Free Application for Federal Student Aid (FAFSA) (this is a requirement) and submit all documents requested by the Financial Aid Office at Rose-Hulman.  You can check for those documents needed via online through Banner Self Service Banner Web.
  • The Financial Aid Office will send the student an Award Notification Letter that the borrower can use to determine loan period, the type of eligibility and the amount of eligibility.  The borrower needs to determine how much they want to borrow and will have the option to accept the full amount offered or reduce the loan amount via the online Banner Self Service.  Further guidelines will be provided on this process.
  • The borrower must complete a Master Promissory Note (MPN) if the MPN is not already on file.  This can be done with your FSA ID.

 Repayment Information

Loan repayment is deferred as long as the student remains enrolled at least half-time in a degree-seeking program.

Sample Estimated Monthly Repayment Chart*:

Amount Borrowed












*Assumes interest rate of 6.8% and all payments made as scheduled on 10-year repayment term (excludes any borrower benefit savings).
Melinda Middleton

Melinda Middleton

Melinda Middleton oversees Rose-Hulman’s Office of Financial Aid as the department’s director. She and the rest of the Financial Aid staff can help you make sense of the loans, grants and scholarships available. They take pride in helping our students find ways to make a Rose-Hulman education an affordable investment in their future.

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Contact Us

Office of Financial Aid
Hadley Hall 104
Rose-Hulman Institute of Technology
5500 Wabash Avenue
Terre Haute, Indiana 47803
Phone: 812-877-8672
Fax: 812-877-8838

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