Subsidized Stafford Loan
These are need based loans, meaning they are reserved for students who need help the most. The federal government pays the interest on subsidized Stafford loans while the student is enrolled in school at least half-time, during a six month grace period after leaving school, and during any periods of deferment.

Unsubsidized Stafford Loan
Available to all eligible students, regardless of financial need or family income. The student is responsible for paying the interest on unsubsidized Stafford loans as soon as the money is disbursed. The interest can either be paid while in school, or added to the loan balance.

Interest Rate: 6.8% for the life of the loan.

Repayment: No payments until six months after graduation or stop attending school at least half-time.

Fees: Besides interest, there may be an origination and federal default fee. Combined, these fees range from 0 to 2.5%.

Borrowing Amounts: (subsidized and unsubsidized combined)

The amount you can borrow in Stafford loans is determined by the financial aid office. We consider the educational expenses, other financial aid you receive and your family’s estimated ability to help pay for your expenses. The amount you borrow each year is subject to maximums set by federal law.

Your award from Northland will include the maximum you can borrow. You may borrow any loan amount up to the maximum indicated.

The Federal Stafford Loan Program makes low interest loans available to students to help pay their costs of attending post-secondary schools.

Complete the entrance interview

All first time Northland College Stafford Loan recipients are required to complete an entrance interview prior to receiving funds. Please complete your Stafford Entrance Interview online before you review and complete the Master Promissory Note.

Review the preferred lender list

You will need to choose a lender for your Stafford Loan. Our office recommends one of the lenders on the Preferred Lender List which is viewable when you go to fill out your online Master Promissory Note. You can choose any lender that participates. You should contact the financial aid office if you wish to choose a lender other than those listed.

Complete Your Master Promissory Note

Apply for a Stafford Loan online if you will be enrolling at Northland College, you have been awarded and accepted a Stafford Loan, and you have completed an entrance interview.