Stafford Loan
Stafford Loans carry a fixed rate throughout the life of the loan. The rate may depend on your year in school when the loan is disbursed and whether you are a dependent or independent student at the time.
The interest rates for subsidized Stafford loans for undergraduate students are:
- For loans first disbursed July 1, 2006-June 30, 2008, the interest rate is fixed at 6.8%.
- For loans first disbursed July 1, 2008-June 30, 2009, the interest rate is fixed at 6%.
- For loans first disbursed July 1, 2009-June 30, 2010, the interest rate is fixed at 5.6$%.
- For loans first disbursed July 1, 2010-June 30, 2011, the interest rate is fixed at 4.5%.
- For loans first disbursed July 1, 2011-June 30, 2012, the interest rate is fixed at 3.4%.
- For loans first disbursed on or after July 1, 2012, the interest rate is fixed at 6.8%.
- For all subsidized Stafford loans disbursed to graduate and professional students, the interest rate is fixed at 6.8%
- For all unsubsidized Stafford loans disbursed to undergraduates and graduate students, the interest rate is fixed at 6.8%
- The interest rate on Stafford loans first disbursed on or after July 1, 1998 but before July 1, 2006 is variable and may change on July 1, of each year, but will never exceed 8.25%.The rate is based on: The 91 day T-Bill rate +1.70% during repayment periods
- Starting July 1, 2009, the interest rate on variable rate loans during school, grace and deferment periods is 1.88%.
- The 91-day T-bill rate + 2.30% during repayment periods.
- Starting July 1, 2009, the interest rate on variable rate loans in repayment is 2.48%
Backed by the federal government, Stafford Loans fall into two categories: Subsidized and Unsubsidized. Subsidized Stafford Loans are based on financial need and the government pays the interest that accrues on these loans while you are in school. Unsubsidized Stafford Loans aren't based on need and you are responsible for the interest on the loan as soon as it is taken out.
Money-saving borrower benefit
When you get a Stafford Loan from Regions Bank you can take advantage of the following benefit:
**Use automatic debit and save You may qualify for a 0.25 percentage point interest rate reduction when you make payments on your federal loans by automatic debit.
Upromise® can help you pay down your loan
Take advantage of Upromise Loan Link to help you pay down your loan. Join Upromise and you can earn rewards on your everyday purchases from leading participating companies. Then link your Sallie Mae-serviced loan account to your Upromise account and designate a percentage of the earnings in your Upromise account to be transferred to your eligible Sallie Mae-serviced student loan account on a quarterly basis to help pay down your balance. Join today at http://www.upromise.com/regions.
No payments while you are in school
You will receive your money in two or more payments and all funds are sent to your school for disbursement on the dates the school requests. On both subsidized and unsubsidized Stafford Loans, you don't have to make payments until six months after graduation or after you drop to less than half-time status. You have a maximum of 10 years to pay back your loan and there is a $50 minimum monthly payment ($600 annually).
Maximum loan amounts for Subsidized and Unsubsidized Stafford Loans:
- $5,500 for the Freshman year
- $6,500 for the Sophomore year
- $7,500 for the remaining undergraduate years
- $8,500 for each year of graduate school
The amount of Federal Stafford Loan funds you will receive is established by your school based on criteria defined by the federal government.
For more information, please call 1-800-858-7822 or email Studentlending@regions.com.
|
ATTENTION STUDENTS: Upon clicking the apply now button below, you will be asked to select the state and school you are attending. You will then be taken to our servicer's (Sallie Mae) site to create a user id and password. Once you have created and logged into your account, if your school's Stafford Loan process is set up so the loan request must be initiated via the financial aid office, you will not be able to start a new Stafford loan application. If this is the case, the only option you will see will be to "start a private loan". If this occurs, please contact your school's financial aid office to request a Regions Stafford loan. |
* Terms and conditions apply. **Borrowers who authorize the automatic debit of funds from their bank account to cover their monthly education loan payments will receive an interest rate reduction of 0.25 percentage point during repayment on eligible Stafford Loans. Assuming the loan is serviced by Sallie Mae, the benefit remains available for as long as the borrower's monthly payment is successfully deducted from the borrower's bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment or forbearance. If the loan is not serviced by Sallie Mae, other restrictions may apply.
Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc. Sallie Mae is a registered service mark and Manage Your Loans is a service mark of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America.