Federal Stafford Loan
How To Apply
Stafford Loan applicants must complete a 2024-25 FAFSA and Caltech's 2024-25 Stafford Loan Request form. The Stafford Loan Request form is available through My Financial Aid on access.caltech, under the "Forms" tab.
Note: The loan amount you request will be disbursed in three equal payments, one per term.
Eligibility
Stafford Loans may be awarded to students who are eligible for Federal Student Aid (most domestic students).
Subsidized Stafford Loan
The Subsidized Stafford Loan is a need-based loan. A student's eligibility is based on their federal Student Aid Index (SAI) from the FAFSA. Students may not be eligible for this loan. Caltech will award a Subsidized Stafford Loan to applicants who have more than $200 in federal need.
Unsubsidized Stafford Loan
Unsubsidized Stafford Loans can be awarded regardless of need. A student may receive their full annual borrowing limit as long as their total amount of financial aid for the year, including loans, does not exceed their cost of attendance.
Interest Rate
The interest rates on Stafford loans are now linked to the yield on the 10-year Treasury Note. This means that economic factors will determine the interest rates for loans borrowed in any given year. The interest rates on these loans are fixed, and will not change after the loan has been disbursed. The table below shows the current interest rate, along with rates from the recent past.
| Academic Year | Subsidized Loan | Unsubsidized Loan | Graduate Unsubsidized Loan |
|---|---|---|---|
| 2024-25 | 6.53% | 6.53% | 8.08% |
| 2023-24 | 5.50% | 5.50% | 7.05% |
| 2022-23 | 4.99% | 4.99% | 6.54% |
| 2021-22 | 3.73% | 3.73% | 5.28% |
| 2020-21 | 2.75% | 2.75% | 4.30% |
| 2019-20 | 4.53% | 4.53% | 6.08% |
Stafford loans are also subject to a loan fee, which is a percentage of the loan amount. Loans are assigned a fee percentage based on the date their first disbursement is made.
| First Disbursement Made | Loan Fee |
|---|---|
| Oct. 1, 2020–Sep. 30, 2025 | 1.057% |
| Oct. 1, 2019–Sep. 30, 2020 | 1.059% |
| Oct. 1, 2018–Sep. 30, 2019 | 1.062% |
Borrowing Limit
Undergraduates: The annual borrowing limit varies based on a student's year in school and dependency status.
Dependent Students
| Year in School | Total Eligibility | Maximum Subsidized |
|---|---|---|
| 1st Year | $5,500 | $3,500 |
| 2nd Year | $6,500 | $4,500 |
| 3rd & 4th Year | $7,500 | $5,500 |
| Aggregate | $31,000 | $23,000 |
Independent Students
| Year in School | Total Eligibility | Maximum Subsidized |
|---|---|---|
| 1st Year | $9,500 | $3,500 |
| 2nd Year | $10,500 | $4,500 |
| 3rd & 4th Year | $12,500 | $5,500 |
| Aggregate | $57,500 | $23,000 |
Graduates: $20,500 in Unsubsidized Stafford Loans per year, up to $138,500 total. The aggregate limit includes all Stafford Loans received for undergraduate study, and can be made up of no more than $65,500 in Subsidized Stafford Loans.
Subsidies
Interest does not accrue on Subsidized Stafford Loans while a borrower is enrolled in school at least half-time, during a grace period or during an authorized deferment. The borrower will be responsible for paying interest that accrues while the loan is in repayment or on forbearance.
Interest will accrue on Unsubsidized Loans at all times, though interest will not need to be paid until the grace period is over.
Repayment
Stafford Loans have a grace period of six months, starting when a borrower stops attending school at least half-time. During this grace period, interest does not accrue and no payments are required. Once the grace period is over, the loan will need to be repaid. Stafford Loans are repayable over a period of ten years, though the repayment term may be extended up to 25 years.