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Student Loan FAQs



Q. How much Stafford loan money can undergraduate students borrow?

If you are a dependent undergraduate student, each year you may borrow up to:

Freshman

 

$5,500

(Only $3,500 of this amount may be in subsidized loans)

Sophomore

 

$6,500

(Only $4,500 of this amount may be in subsidized loans)

Junior/Senior

 

$7,500

(Only $5,500 of this amount may be in subsidized loans)

 

If you are an independent undergraduate student, each year you may borrow up to:

Freshman

 

$9,500

 

(Only $3,500 of this amount may be in subsidized loans)

Sophomore

 

$10,500

 

(Only $4,500 of this amount may be in subsidized loans)

Junior/Senior

 

$12,500

 

(Only $5,500 of this amount may be in subsidized loans)

 

Please note: Belmont's undergraduate grade levels are determined by the following number of earned credit hours: Freshman (0-29); Sophomore (30-63); Junior (64-93); Senior (94+)

 Q. How much Stafford loan money can graduate students borrow?

Graduate students may borrow up to $20,500; however, only $8,500 of this amount may be in subsidized loans.

Pharmacy students may borrow up to $33,000; however, only $8,500 of this amount may be in subsidized loans.

Q. What's the interest rate for Stafford loans?

The interest rate is fixed (adjusted annually on July 1st) but will never exceed 8.25%. Please check with your lender for the current interest rate. Your lender will notify you if at any time your interest rate changes.

Q. When do I repay my Stafford loan?

After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment. During this period, you will receive repayment information from your lender.

Q. What is the interest rate for the Federal Parent PLUS loan?

The interest rate is variable (adjusted annually on July 1st) but will never exceed 9%. Please check with your lender for current interest rates. Your lender will notify you if at any time your interest rate changes.

Q.  When does repayment begin for the Federal Parent PLUS loan?

Repayment generally begins 60 days after the second disbursement. Please contact your lender for exact repayment date and amount.

Q. What happens if my parent is denied the PLUS loan?

If parents are denied the PLUS loan, dependent undergraduate students will gain additional Unsubsidized Stafford Loan eligibility. Students must request the additional funds by contacting the Office of Student Financial Services in writing.



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