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STUDENT LOANS FROM
FIRST NATIONAL BANK OF OXFORD
AND ESF 		 
  
 


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Stafford Loan for Students

First National Bank of Oxford, in partnership with Education Services Foundation, offers the Stafford Loan for students.

With ESF as your lender, you will have fast, efficient processing of your loan and convenient online loan applications and loan tracking.

To qualify for a Federal Stafford Loan, you must submit a FAFSA (Free Application for Federal Student Aid). Click here for more information on the FAFSA. After your FAFSA is processed, your school will review the results and will inform you about your loan eligibility. You also will have to sign a promissory note, a binding legal document that lists the conditions under which you're borrowing and the terms under which you agree to repay your loan.

Types of Federal Stafford Loans:
Both types of Stafford Loans require completion of the FAFSA annually.

(a) Subsidized - Eligibility is based on financial need and the federal government pays interest on the loan until repayment.

(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:

Dependent Students (except students whose parents cannot borrow a PLUS Loan)

Classification Base
amount
 Additional unsubsidized loan amount
Prior to July 1, 2008 Effective July 1, 2008
Freshman $3,500
0
$2,000
Sophomore $4,500
0
$2,000
Junior or Senior $5,500
0
$2,000

 

Independependent Undergraduate Students and Dependent Students whose parents cannot borrow a PLUS Loan

Classification Base
amount
 Additional unsubsidized loan amount
Prior to July 1, 2008 Effective July 1, 2008
Freshman $3,500
$4,000
$6,000
Sophomore $4,500
$4,000
$6,000
Junior or Senior $5,500
$5,000
$7,000

 

Graduate and Professional Students

Classification Base
amount
 Additional unsubsidized loan amount
Graduate or professional $8,500
Unchanged at $12,000

Aggregate Stafford loan limits: (effective July 1, 2008)
Dependent Undergraduate: $31,000 (no more than $23,000 of which can be subsidized)
Independent Undergraduate: $57,500 (no more than $23,000 of which can be subsidized)
Graduate and Professional: $138,500 (no more than $65,500 of which can be subsidized)

Annual Loan Limits for Federal Stafford Loan:

Dependent Students (except students whose parents cannot borrow a PLUS Loan)

Classification Base
amount
 Additional unsubsidized loan amount
Prior to July 1, 2008 Effective July 1, 2008
Freshman $3,500
0
$2,000
Sophomore $4,500
0
$2,000
Junior or Senior $5,500
0
$2,000

 

Independependent Undergraduate Students and Dependent Students whose parents cannot borrow a PLUS Loan

Classification Base
amount
 Additional unsubsidized loan amount
Prior to July 1, 2008 Effective July 1, 2008
Freshman $3,500
$4,000
$6,000
Sophomore $4,500
$4,000
$6,000
Junior or Senior $5,500
$5,000
$7,000

 

Graduate and Professional Students

Classification Base
amount
 Additional unsubsidized loan amount
Graduate or professional $8,500
Unchanged at $12,000

Aggregate Stafford loan limits: (effective July 1, 2008)
Dependent Undergraduate: $31,000 (no more than $23,000 of which can be subsidized)
Independent Undergraduate: $57,500 (no more than $23,000 of which can be subsidized)
Graduate and Professional: $138,500 (no more than $65,500 of which can be subsidized)

Stafford Loan Fees and Interest Rate
There are two federal fees associated with a Stafford Loan which will be deducted from the amount you borrow. 

For loans guaranteed on or after April 1, 2008, and disbursed prior to July 1, 2008:

t 1.5% origination fee
t 0% to 1% default fee, based on guarantor of the loan

For loans disbursed on or after July 1, 2008:

t 1% origination fee
t 0% to 1% default fee, based on guarantor of the loan

Stafford Loans have a fixed interest rate of 6.8% set by the federal government. The interest rate for subsidized undergraduate Stafford Loans will be 6.0% for loans disbursed on or after July 1, 2008.

Ready to apply for your Stafford Loan? Simply click here.
For information on our Parent PLUS Loans, click here.
For information on our GradPLUS Loans, click here.

Need assistance? Call us toll free at 800.986.4322 or send an email.

 

 
 
  

 

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