Students who do not qualify for a full federal subsidized Stafford Loan may borrow an unsubsidized loan under the Federal Stafford Loan Program. The government will not pay the interest on your unsubsidized Stafford Loan.
Eligibility
In addition to meeting the general federal requirements, you must:
- Be admitted to an A-B degree-seeking program for a current or future enrollment period during the academic year.
- Be enrolled at least half-time (6 hours per semester for undergraduates; 3 hours per semester for graduates) during the entire period of your loan. These hours cannot include audit hours or noncredit courses.
- Apply for a federal Pell Grant (undergraduates only).
- Complete the FAFSA or the Renewal Application to determine your federal Pell Grant and federal subsidized Stafford Loan eligibility.
- Determine your loan eligibility and be awarded the loan before your last day of eligible enrollment.
Entrance Counseling
If this is your first Stafford Loan, you must complete an Entrance Counseling interview before any Stafford Loan funds can be credited to your student account through Electronic Funds Transfer (EFT).
Interest and Fees
There are no upfront fees on an aesBEST loan. The interest rate on federal subsidized and unsubsidized Stafford Loans is a fixed rate of 6.8% for loans disbursed after July 1, 2006. For loans disbursed before July 1, 2006, the loans are variable, calculated annually, with a cap of 8.25 percent.
The student loan interest rates effective July 1, 2006-June 30, 2007 are:
- 6.62% In school, grace and deferment periods
- 7.22% In repayment and forbearance periods
Repayment
You have two repayment choices:
- Pay the interest on the loan while you are still in school.
- Have the interest capitalized and added to the principal of the loan. If you choose this option, you will be charged interest on the accrued interest as well as on the loan principal.
- AES has a 2% interest rate reduction after 36 consecutive on-time payments.
- AES has a .5% interest rate reduction after 24 consecutive on-time payments.
- AES has a .25% interest rate reduction for automatic direct debit of payment.
- AES has a 1% credit for WV borrowers when they graduate.
Annual Stafford Loan Limits
| | Dependent Students | | Independent Students | |
| Stafford Loan Eligibility Limits | Maximum Subsidized Stafford | Maximum + Unsubsidized Stafford | Maximum Subsidized Stafford | Maximum Unsubsidized + Stafford |
| First Year (0-29 credits) | $3,500 | $3,500 | $3,500 | $7,500 |
| Second Year (30-59 credits) | $4,500 | $4,500 | $4,500 | $8,500 |
| Third/Fourth Year (60+ credits) | $5,500 | $5,500 | $5,500 | $10,500 |
| Graduates | | | $8,500 | $20,500 |
To Apply
See the Application Checklist.
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