Stafford Loan

To accept your Stafford Loans please complete the following through Webadvisor:

  1. Select the Financial aid award letter link to view your award and loan eligibility.
  2. 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:

  1. Sign in using your PIN
  2. 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.
  3. 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 $31,000 (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)
150% DIRECT Subsidized Stafford Loan Time Limit
As of July 1, 2013 subsidized Stafford loan eligibility will be limited to enrollment of 150% of the published length of the student's program of study. For example, if a student is in a four-year bachelor's degree program, that student would be limited to 6 full time years of enrollment in which they can receive subsidized Stafford loans, if all other eligibility requirements met. After the 150% limit is met, a student could still be eligible for unsubsidized Stafford loan funds. Please see this federal student aid announcement for more guidance on these regulation changes.

This time limit affects new subsidized Stafford loan borrowers and prior borrowers with no outstanding loan balance.

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

 

Per the Bipartisan Student Loan Certainty Act of 2013, Stafford interest rates are as follows for the 2014-15 year. These rates will be adjusted each year.

  • Direct Subsidized Loans for Undergraduates: 4.66%
  • Direct Unsubsidized Loans for Undergraduates: 4.66%
  • Direct Unsubsidized Loans for Graduate Students: 6.21%

All Stafford loans borrowed are subject to an origination fee. This fee is taken from the gross loan amount prior to disbursement. This fee is as follows:

  • Direct subsidized and unsubsidized loans first disbursed on or after October 1, 2014 and before October 1, 2015: 1.073%