Stafford Loan
To accept your Stafford Loans please complete the following through Webadvisor:
- Select the Financial aid award letter link to view your award and loan eligibility.
- Select the Stafford Loan Request link and enter the specific ANNUAL amount for both Subsidized and Unsubsidized loans, you will also need to complete the Title IV authorization before submitting your request.
If you are a first time Stafford Loan borrower at Simpson University please complete the following additional steps through http://studentloans.gov:
- Sign in using your PIN
- Select the Complete MPN (Master Promissory Note) link, then Subsidized/Unsubsidized and continue through the process until you receive confirmation that you have successfully completed the MPN.
- Select the Complete Entrance Counseling link, then continue through the process until you receive confirmation that you have successfully completed entrance counseling.
These detailed instructions can also be useful as you complete the loan request process.
Stafford Loan Limits
| Academic Grade Level/ Loan Type |
Maximum Loan Amount | |||
|---|---|---|---|---|
| Preparatory Coursework for Enrollment in Undergraduate Programs | Dependent Student | Independent Student or Dependent Student Whose Parent is Ineligible for PLUS | ||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $2,625 | $2,625 | ||
| Additional unsubsidized Stafford loan eligibility | N/A | $6,000 | ||
| Maximum Preparatory Undergraduate Coursework Totals | $2,625 | $8,625 | ||
| First-Year Undergraduates | Dependent Student | Independent Student or Dependent Student Whose Parent is Ineligible for PLUS | ||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $3,500 | $3,500 | ||
| Additional unsubsidized Stafford loan eligibility | $2,000 | $6,000 | ||
| Maximum First-Year Total | $5,550 | $9,500 | ||
| Second-Year Undergraduates | Dependent Student | Independent Student or Dependent Student Whose Parent is Ineligible for PLUS | ||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $4,500 | $4,500 | ||
| Additional unsubsidized Stafford loan eligibility | $2,000 | $6,000 | ||
| Maximum Second-Year Total | $6,500 | $10,500 | ||
| Third- and Subsequent-Years Undergraduates | ||||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $5,500 | $5,500 | ||
| Additional unsubsidized Stafford loan eligibility | $2,000 | $7,000 | ||
| Maximum Third- and Subsequent-Years Total | $7,500 | $12,500 | ||
| Preparatory Coursework for Graduate/Professional Programs | Dependent Student | Independent Student or Dependent Student Whose Parent is Ineligible for PLUS | ||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $5,500 | $5,500 | ||
| Additional unsubsidized Stafford loan eligibility | N/A | $7,000 | ||
| Maximum Preparatory Graduate Coursework Total | $5,500 | $12,500 | ||
| Teacher Certification | ||||
| Base Stafford loan eligibility (subsidized and unsubsidized) | $5,500 | $5,500 | ||
| Additional unsubsidized Stafford loan eligibility | N/A | $7,000 | ||
| Maximum Teacher Certification Total | $5,500 | $12,500 | ||
| Graduate and Professional Students | ||||
| Base Stafford loan eligibility (subsidized and unsubsidized) | N/A | N/A | ||
| Additional unsubsidized Stafford loan eligibility | N/A | $20,500 | ||
| Maximum Graduate/Professional Total | N/A | $20,500 | ||
| Aggregate Loan Limits | ||
|---|---|---|
| Dependent Undergraduate Student | $31,00 (no more than $23,000 of which may be subsidized) | |
| Independent Student or Dependent Student Whose Parent is Ineligible for PLUS | $57,500 (no more than $23,000 of which may be subsidized) | |
| Graduate/Professional Student* | $138,500 (no more than $65,500 of which may be subsidized) | |
Subsidized: All accrued interest is paid by the United States government until the student begins repayment of the loan.
Unsubsidized: All accrued interest is paid by the student while in school; however, the student may elect to postpone or capitalize the interest until repayment of the loan begins.
*Higher limits may apply to certain health professional students.
SU Academic Grade Level Designations for Stafford Loan Eligibility
| Academic Grade Level | Simpson University Students / Program | |
|---|---|---|
| Preparatory Coursework for Enrollment in Undergraduate Programs | No Financial Aid Eligible Programs offered at Simpson University | |
| First Year Undergraduates | Freshman standing 0-29 credits already completed | |
| Second Year Undergraduates | Sophomore standing: 30-61 credits already completed | |
| Third and Subsequent Year Undergraduates | Junior standing: 62-91 credits already completed Senior standing: 92 or more credits already completed ASPIRE students |
|
| Preparatory Coursework for Enrollment in Graduate/Professional Programs | Students pursing M.A. in Counseling Psychology, completing program per-requisites | |
| Teacher Certification | Credential Program, PASC (Credential) | |
| Graduate and Professional Students | A.W. Tozer Theological Seminary Students M.A. in Counseling Psychology M.A. in Education M.A. in Teaching |
Interest Rates and Fee Amounts
Stafford loans first disbursed after July 1, 2006 have a fixed interest rate of 6.8%.
Per the College Cost Reduction and Access Act of 2007, subsidized Stafford loan interest rates were adjusted.
| Subsidized Stafford loans first disbursed | Will have this fixed interest rate | |
|---|---|---|
| July 1, 2009 through June 30, 2010 | 5.6% | |
| July 1, 2010 through June 30, 2011 | 4.5% | |
| July 1, 2011 through June 30, 2013 | 3.4% |
All Stafford loans borrowed are subject to an origination fee of 1.0%. This fee is taken from the gross loan amount prior to disbursement.
