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Loan Programs

Federal Subsidized Stafford Loan

The Federal Subsidized Stafford Loan is the first loan choice for most students. This loan is based on financial need and the federal government pays the interest during your school enrollment.

The terms include:

  • Loan Limit: $8,500 annually
  • Cumulative Loan Limit: $65,500
  • Interest Rate: Fixed at 6.8%
  • Number of Disbursements: Four per academic year
  • Repayment Term: 10 years with a minimum monthly payment of $50.00
  • Loan Fees: Varies by lender
    Maximum origination fee is 3%
    Maximum guarantee fee is 1%

Federal Unsubsidized Stafford Loan

The Federal Unsubsidized Stafford Loan is available and is not based on financial need. The student is responsible for accrued interest, but may defer interest payments until graduation.

The terms include:

  • Loan Limit: Mayo Graduate School: $10,000 annually
  • Cumulative Loan Limits (i.e. total limit for Subsidized and Unsubsidized loans): $138,500
  • Interest Rate: Fixed at 6.8%
  • Number of Disbursements: Four per academic year
  • Repayment Term: 10 years with a minimum monthly payment of $50
  • Loan Fees: Varies by lender
    Maximum origination fee is 3%
    Maximum guarantee fee is 1%
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