Federal Direct Stafford Loans
Most students who are U.S. citizens or permanent residents may participate in the Federal Direct Stafford Loan program.
If you received a notice of financial aid eligibility from Oberlin, it indicates whether you are eligible for a Federal Direct Stafford Loan, either subsidized or unsubsidized. The Office of Financial Aid will send you information about how to complete the application for your Federal Direct Stafford Loans shortly after the College receives your matriculation deposit.
To apply for a Federal Stafford Loan, students must complete a Free Application for Federal Student Aid [FAFSA] at studentaid.gov .
Loan Features
- Available to US citizens and permanent residents
- Standard repayment period is 10 years
- Borrowers qualify for a six month grace period that begins the day after you graduate, leave school or drop below half-time enrollment
- Repayment begins at the conclusion of your six-month grace period
- Subsidized Stafford Loans are awarded based on demonstrated financial need and do not accrue interest while you are enrolled at least half-time, during your grace period or during any deferment periods
- Unsubsidized Stafford Loans are not based on need and interest accrues from the time the loan is borrowed
- Stafford Loan funds are sent directly to Oberlin
- Annual Loan limits are determined by the student's year in school:
Dependent Student Annual Limit
| Base Eligibility (1) |
Additional Unsubsidized Eligibility (2) |
Total Annual Eligibility (3) | |
|---|---|---|---|
| First Year | $3,500 | $2,000 | $5,500 |
| Sophomore | $4,500 | $2,000 | $6,500 |
| Jr & Sr | $5,500 | $2,000 | $7,500 |
- Eligibility for subsidy on your base amount is determined by the results of your FAFSA.
- Additional Unsubsidized Federal Stafford Loan eligibility applies to loans made after July 1, 2006.
- Total amount of your Stafford Loan is limited to cost of attendance minus other financial aid.
- Interest rate is fixed for all Federal Stafford Loans. The interest rate is set at the time the loan is taken and persists for the life of the loan
- Interest rates for 2024-25 are estimates and subject to annual Federal updates.
| Academic Year | Subsidized Stafford Loans | Unsubsidized Stafford Loans |
|---|---|---|
| 2016-17 | 3.76 percent | 3.76 percent |
| 2017-18 | 4.45 percent | 4.45 percent |
| 2018-19 | 5.045 percent | 5.045 percent |
| 2019-20 | 4.53 percent | 4.53 percent |
| 2020-21 | 2.75 percent | 2.75 percent |
| 2021-22 | 3.73 percent | 3.73 percent |
| 2022-23 | 4.99 percent | 4.99 percent |
| 2023-24 | 5.50 percent | 5.50 percent |
| 2024-25 | 6.53 percent | 6.53 percent |
Sign in to Oberview and click the Financial Aid Eligibility task. then navigate using the following steps:
- Financial Aid Award Task
- Award for Aid Year
- Select the appropriate award year
- Award Accept Offer tab
- Accept or Decline your loan via the drop down menu under 'Accept Award' column for each loan
- Reduce the amount of your loan by choosing 'Accept' from the drop down menu and indicate the reduced amount you wish to borrow in the 'Partial Amount' column
- Submit Decision
If you chose to accept your loan please follow-up by visiting www.studentaid.gov, sign in with your FSA ID and complete the following: