Federal Stafford Loan Program

Saint Louis University participates in the Federal Family Education Loan Program (FFELP). Under FFELP, loan funds are provided by private lenders. Students cannot use Direct loans as a lender while attending Saint Louis University, as we do not participate in the William D. Ford Direct Loan Program.

Stafford loans are available to students who are or will be enrolled at least half-time at an accredited school. Students must apply for these loans by submitting the Free Application for Federal Student Aid (FAFSA) each year. Saint Louis University’s federal school code is 002506.

Once Saint Louis University receives FAFSA information, award letters are sent out to students in March for the upcoming academic year. If the student chooses to borrow through the Federal Stafford Loan Program, then they must sign a Master Promissory Note, which can be completed on the lender’s Web site.

Choosing a Lender

If students have previously borrowed with another lender and wish to continue utilizing those services, students may do so. Students may also choose a different financial institution that lends educational funds. Please see the loan information page for information regarding borrowing student aid.

Federal Stafford Loan

Eligibility: U.S. Citizen, eligible non-citizen. Students with an F1 or F2 student visa or a J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid.

Amounts: Up to $20,500 per academic year ($8,500 Subsidized, $12,000 Unsubsidized)

Fee: Varies per lender and guarantee agency

Interest Rate: 6.8% fixed – interest does not accrue until after the Grace Period on Subsidized; however, accrues after disbursement on Unsubsidized

Repayment: Up to 30 years, depending on the total amount borrowed