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Stafford
Loans for Students
With ESF's ZERO FEE Stafford Loan, you get 100% of your loan proceeds!
Planters Bank & Trust, in partnership with Education Services Foundation, offers the ZERO FEE Stafford Loan for students.
 When some lenders make Federal Stafford Loans to students, a percentage of the proceeds is held back to cover the upfront fees. But we won't eat away at your loan. With ESF's ZERO FEE Stafford Loan, 100% of the money goes to college with you as ESF pays the 2% Origination Fee and 1% Default Fee on your behalf.
Federal Stafford Loans, with various repayment plans, are available to eligible students at a fixed interest rate of 6.8%. Why pay 6.8%, when ESF charges only 4.8% for having payments automatically deducted from a bank account? These repayment benefits for Stafford and PLUS Loans apply to Mississippi residents and to non-Mississippi residents who are attending a college or university in Mississippi.
There are two
types of Federal Stafford Loans:
(a) Subsidized
- Eligibility is based on financial need as determined
by information you provided on your Free Application for Federal Student
Aid (FAFSA). The federal government pays interest on the loan until
repayment which begins six months after you leave school.
(b) Unsubsidized - Eligibility is
not based on financial need. You are responsible for paying the
interest, although payment may be deferred while you are in school.
Annual
Loan Limits for Federal Stafford Loan
If you are
a dependent undergraduate student, you may be eligible to borrow
up to:
 |
$3,500 if
you're a first-year student |
| $4,500 if
you've completed your first year of study |
| $5,500 if
you've completed two years of study |
If you are an
independent undergraduate student or dependent student whose parents
are unable to get a PLUS Loan, you may be eligible to borrow up
to:
| $6,625 if
you're a first year student (at least $4,000 must be in unsubsidized
loans) |
| $7,500 if
you've completed your first year of study (at least $4,000 must
be in unsubsidized loans) |
| $10,500 if
you've completed two years of study (at least $5,000 of this amount
must be in unsubsidized loans) |
If you are a
graduate student, you may be eligible to borrow up to $18,500.
Planters
Bank & Trust, in partnership with ESF,
offers money-saving borrower benefits for
the Stafford Loan. If you are a Mississippi resident or a
non-resident attending a college or university in Mississippi, click
here to learn about your borrower benefits.
Click
here
to learn how to apply for a Federal Stafford Loan.
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