Security Service offers two types of Stafford loans that your child may be eligible to receive. Stafford loans are government guaranteed, low interest loans that require no credit check.

Subsidized Stafford loan:

As a dependent or independent student, a student may qualify for this need-based loan low interest loan. The government pays the interest on the Subsidized Stafford loan as long as the student is enrolled in school on at least a half-time basis. Repayment begins following a six-month grace period after leaving school.

Unsubsidized Stafford Loan

Unsubsidized Stafford loans are non-need-based loans that are made available to both dependent and independent students. Interest is accrued on these loans from the time they are disbursed. Unpaid interest will be capitalized at the start of repayment and at the end of a deferment. Repayment begins following a six-month grace period after leaving school.

Plus Loans:

Another way to finance your child's education is with a low interest Plus Loan:

Plus Loans (formerly called the "Parent Plus Loan") is a loan offered to parents for their dependent undergraduate or graduate students who do not qualify for aid or who need funds in addition to a Federal Stafford Loan.

A Plus Loan is a loan made to the parents and Plus Loans do require a credit check.

Stafford Loan Limits

For dependent students whose parents cannot borrow under the Federal Plus Program, the amount a student can borrow under the unsubsidized program is the same as for an independent student.

Independent students who are not eligible for a full Subsidized Federal Stafford Loan may borrow their remaining subsidized eligibility under the unsubsidized program.

Maximum aggregate loan amounts (for the entire time the student is in school) are as follows. (This includes federal direct student loans. Note that there is no maximum on Plus Loans.)

• Dependent Undergraduate Student: $23,000
• Independent Undergraduate Student: $46,000
• Graduate or Professional Student: $138,500

Other Useful Information:

• Interest rate information
• Repayment calculator
• Borrower benefits