Loans

1. Subsidized Federal Stafford Loan:
   The Subsidized Federal Stafford Loan is based on financial need and amounts are calculated by a federal formula grade level. Freshman may borrow up to $2,625 per year, Sophomores $3,500, Juniors and Seniors $5,500 and Graduates $8,500.
   
   When a loan is "subsidized" the government pays the interest for you during the following periods:
   
   While you are enrolled in school at least half time (6 credits or more).
   During the six month grace period after you stop attending school at least half time.
   During periods of authorized deferment.
   
   
   
2. Unsubsidized Federal Stafford Loan:
   The Unsubsidized Federal Stafford Loan is not determined by need but cannot exceed the cost of attendance. When the loan is "unsubsidized" the student is responsible for interest that accrues during school, grace, and deferment periods. This loan provides additional funds for independent students and for dependent students whose parents are ineligible to borrow under the PLUS loan program.
   *Dependent students must have a PLUS loan denial from a lender.
   
   Freshman and Sophomores may borrow up to $4,000 per year, Juniors and Seniors $5,000 and Graduates $10,000.
   
   Repayment - A Stafford Loan enters repayment 6 months after graduation when a student falls below half time status (below 6 credits).
   
   Disbursement - Loan funds are released in two or more disbursements directly to Iona College via electronic funds transfer (EFT). If your lender participates, EFT provides quick and efficient posting of your loan funds to your student account. If your lender does not participate in EFT, your loan funds will arrive via a check made co-payable to you and Iona College. * Please be advised that you must come to the Student Financial Services Office to endorse the check no later than 10 days after you are notified of the checks arrival. Some lenders deduct a 3% federal government origination fee from your loan proceeds prior to disbursement.

First-time Stafford borrowers are required to complete an entrance interview before the funds can be released. You can complete your Entrance Interview via the Internet by clicking below.

For more information or to accept your Stafford loans or complete your Master Promissory Note click here.