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Federal Stafford Loan Links
There are two types of Federal Stafford Loans, Subsidized or Unsubsidized. Both subsidized and unsubsidized loans are guaranteed by the U.S. Department of Education either directly or through guarantee agencies. Nearly all students are eligible to receive them (regardless of credit score or other financial issues.) Both types offer a grace period of six months, which means that no payments are due until six months after graduation or three months after the borrower becomes a less-than-full-time student without graduating.
Subsidized federal student loans are offered to students with demonstrated financial need: generally requiring a low family income. For these loans, the federal government makes interest payments while the student is in college. For example, those who borrow $10,000 during college will $10,000 upon graduation.
Unsubsidized federal student loans are also guaranteed by the U.S. Government, but the government does not pay interest for the student, rather the interest accrues during college. Those who borrow $10,000 during college will owe $10,000 plus interest upon graduation. For example, those who have borrowed $10,000 and had $2000 accrue in interest will owe $12,000. Interest will be accruing on the $12,000. The accrued interest will be "capitalized" into the loan amount, and the borrower will begin making payments on the accumulated total. Students can choose to pay the interest while still in college.
If you are a first-time Oklahoma Christian borrower, you must complete a loan entrance interview (LEI) and a master promissory note (MPN) before loans will be dispursed to your student account.
Stafford Loan Entrance Interview - For first-time OC borrowers only
Stafford Loan Exit Interview - For students who have withdrawn or have graduated from OC
All students who have previously taken a Federal Stafford loan need only to complete a master promissory note (MPN).
To complete your master promissory note (MPN), you'll need to choose the link to the lender you selected on your award letter and complete the application on the lender's website. Oklahoma Christian's Student Financial Services Office will be notified when you have completed this step.
Although the Stafford Loan interest rate is set by the federal government, most lenders typically offer principle reductions or interest rate reductions for auto debit payments, on-time payments, etc...
Subsidized Stafford loans for 2008-2009 will have a fixed interest rate of 6.0%. Unsubsidized Stafford loans will have a fixed interest rate of 6.8%. Stafford loans have loan fees (1% default and 1% origination) unless paid by the lender or guarantee agency.
To aid you in your selection of a lender, OC has compiled a list of lenders based on their customer service, student loan benefits, and code of conduct. However, you are free to use any lender of your choice. To view a list of OC's preferred lenders, please click the following link.
