A Stafford Loan allows dependent undergraduates to borrow up to $3,500 their freshman year, $4,500 their sophomore year, and $5,500 for each remaining year (independent students can borrow an additional unsubsized $4,000 each of the first two years and an additional $5,000 each of the remaining years). Graduate students can borrow up to $18,500 per year.

The Federal Stafford is a no-collateral, simple-interest, federally-guaranteed loan program. The interest rate is fixed at 6.8%.

No payments are required until six months after you finish or leave school.