Federal Stafford Loans

  • Features
    • 1% Origination Fee
    • 1% Default Fee
    • Loans are serviced in Maine.
    • Manage your account 24/7 at www.inowinfo.com.
    • Flexible repayment terms.
    • No credit check is required.
    • Payments are not required while you are in school at least half time.
    • No prepayment penalty.
    • No payments are required for a one time six-month grace period immediately following your graduation or dropping below half-time status.
  • Eligibility
    • Available for full and half-time graduate and undergraduate students.
    • Student must be a Maine resident, or attend college in Maine.
    • Student must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
    • Student must be enrolled in an eligible school and be pursuing a degree or certificate of completion.
    • Student must maintain satisfactory academic progress, which is determined by the school.
    • Student must submit a FAFSA.
  • Interest
    • Interest rate is fixed at 6.0% for subsidized Stafford loans to undergraduate students first disbursed beginning July 1, 2008.
    • For subsidized Stafford loans the federal government pays the interest while you are in school, during your grace period and during authorized deferment.
    • For unsubsidized Stafford loans you are responsible for all of the interest that accrues while you are in school during your grace period and during authorized deferment. You may choose not to pay interest during this time. Unpaid interest that is deferred until graduation is capitalized (added to the loan principal) and therefore you will pay interest on a higher loan amount.
  • Loan Limits
    • Dependent Students (Except Students Whose Parents Cannot Borrow PLUS loans)
      • Year 1: $5,500*
      • Year 2: $6,500*
      • Year 3 or 4: $7,500*
      • Lifetime Limit: $31,500*
    • Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS loan
      • Year 1: $9,500*
      • Year 2: $10,500*
      • Year 3 or 4: $12,500*
      • Lifetime Limit: $57,500*
    • Independent Graduate or Professional
      • Annual Limit: $20,500*
      • Lifetime Limit: $138,500**
  • Repayment
    • No payments are required for a one time six-month grace period immediately following your graduation or dropping below half-time status.
    • Repayment term is ten years. Payment term may be extended up to 25 years depending on the amount borrowed. Minimum payment is $50 per month.

Download An Application

* For loans first disbursed on or after July 1, 2008.

** Exceptions may apply.