What is a Federal Stafford Loan?
Loans provide students with an opportunity to invest in their future. The Federal Stafford Loan Program is administered by guarantee agencies, with the backing of the federal government. There are two basic types of Stafford loans: subsidized and unsubsidized. Currrently both have a fixed interest rate. Effective 7/1/08 the subsidized will be 6.0% and the unsubsidized Stafford loan will be 6.8%.

What is the difference between the Subsidized and Unsubsidized Federal Stafford Loan?  
With the Subsidized Federal Stafford Loan, the interest is paid by the government while you are enrolled in school. The interest on the Unsubsidized Federal Stafford Loan is NOT paid by the government while you are enrolled in school. You have the option of paying the interest or deferring it until after you graduate, at which time it will be added to the principle of the loan.

What lender do I choose?
The University of Miami does not maintain a preferred lender list, and we will process a loan application from any lender.

When will I receive my loan funds?
Most loans are dispersed electronically to the Office of Student Account Services at the University of Miami, not to your home. This will expedite disbursement and eliminate the need for you to take the time to endorse checks each semester.

When can I consolidate my loans?
Under the Federal Consolidation Loan Program, you become eligible to consolidate your loans when they enter the six-month, post-school grace period. You may also consolidate your loans at any time during the repayment period, or during periods of deferment and forbearance.