Stafford Loans and Repayment Information

Student loans can assist students in paying for their education. Borrowing funds at a low interest rate is one way students take responsibility for their education. The federal government sponsors several different student loans, and others are bank-sponsored private loans. Regardless of the type of loan, Linfield determines loan eligibility and handles the processing of all applications. Linfield now has a free online tool that can help you compare loan options. You can sort results by interest rate, monthly payment, total cost of loan and more. Please click on the link for more information: Simple Tuition.

The basic terms of the Federal Stafford and PLUS loans are set by the federal government, so maximum interest rate, loan fees and deferment options will be identical for these loans no matter which lender you choose. However, lenders do have the ability to offer special benefits to borrowers, such as reduced interest rates for automatic debit payment, interest rate reductions at the point the loan enters repayment, interest rate reductions or cash back after a specified number of on time payments, etc. These special borrower benefits are unique to specific lenders and are not mandated or controlled by the federal government. The lenders on Linfield’s suggested lender list offer competitive benefits, solid customer service, electronic payment of loan funds and a variety of savings programs during loan repayment. You may choose any lender you wish, including those not included on this list. Linfield College does not benefit in any way from your choice of lender. The Office of Financial Aid will work to ensure the prompt processing and certification of Stafford or PLUS loans from any lender you select.

Subsidized Federal Stafford Loan

Federal Stafford Loans are a major type of loan offered by the federal government. These loan funds come from a bank, credit union, or other lender that participates in the Federal Family Education Loan (FFEL) Program. These loans are awarded on the basis of demonstrated financial need. The government will pay the interest on your federal loan while you are in school, for the first six months after you leave school, and when you qualify to have your payments deferred. The interest rate is fixed at 6.8%. You will have up to ten (10) years to repay the loan, depending on how much you borrow.

Unsubsidized Stafford Loan

These loans are similar to the Subsidized Federal Stafford Loan, but are not based on financial need. The Federal government does NOT pay the interest, and the student is responsible for all interest associated with the loan. The interest rate is fixed at 6.8%. You will have up to ten (10) years to repay the loan, depending on how much you borrow.

The following maximum limits apply to any combination of the Subsidized and Unsubsidized Stafford Loans:

Freshmen (0-29.99 credits)	$3,500.00
Sophomore (30-61.99 credits)	$4,500.00
Junior (62-93.99 credits)	$5,500.00
Senior (94+ credits)	$5,500.00

Independent students can qualify for additional Stafford Loans, called the Additional Unsubsidized Stafford Loans. Loan amounts are available based on the following criteria:

Freshmen/Sophomore	$4,000.00
Junior/Senior	$5,000.00

Linfield's Lenders

Linfield College provides the following list of lenders for your consideration. These lenders have been carefully evaluated based on the services they offer to our students, their smooth and efficient processing and their pricing. However, you have the freedom to partner with other lenders if you choose.

CHASE
Lender Code 803000
(800) 487-4404

CITIBANK
Lender Code 826878
(800) 967-2400

WACHOVIA
Lender Code 830005
(800) 338-2243

WELLS FARGO
Lender Code 807176
(800) 658-3567

Loan Payment Calculator

This link provides a Loan Payment Calculator to compute an estimate of the size of your monthly loan payment.