The SLC Federal Student Loan Advantage
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- Federally backed and guaranteed student loans
- Low, fixed interest rates available
- No prepayment penalties
- Deferred payment options
- No collateral required
- Interest may be tax deductible
- No credit check on Stafford Loans
- No income verification on PLUS Loans
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Federal Student Loan Programs:
- Stafford Student Loan
- Federal Parent PLUS Loan
- Federal Graduate PLUS Loan
- Federal Student Loan Consolidation
- Stafford Student Loan
- Federal Parent PLUS Loan
- Federal Graduate PLUS Loan
- Federal Student Loan Consolidation
Manage Your Private Student Loan Account
- Continue Saved Application - Log In
- Add Creditworthy Cosigner - Log In
- Check Private Loan Status - Log In
Or call 800.982.3588 to speak to a counselor
- Continue Saved Application - Log In
- Add Creditworthy Cosigner - Log In
- Check Private Loan Status - Log In
Or call 800.982.3588 to speak to a counselor
There are multiple federal student loan programs available. Please see below for a general breakdown of these options. For more information, please contact one of our student loan specialists at 800.982.3588 who can fully explain your options.
What is a Federal Stafford Loan?
A Federal Stafford Loan is the most affordable option available to supplement personal resources, grants and scholarships and any work-study programs. This loan may be subsidized or unsubsidized by the United States Government depending on the financial need of the student. Subsidized loans are interest-free until repayment begins, usually 6 months after graduation. Unsubsidized loans begin to accrue interest immediately after disbursement. Both types of loans offer a grace period, where no payment is required until 6 months after graduation, or if the student drops to below half-time status.
How much can I borrow?
Loan limits are based on your academic level in school.
Sophomore
Junior
Senior
Sophomore
Junior
Senior
$6,500
$7,500
$7,500
$10,500
$12,500
$12,500
What is the interest rate?
Presently, Federal Stafford Loans disbursed on or after July 1, 2006 are fixed at 6.80 percent. Over a 4 year period beginning July 1, 2008, the interest rate on subsidized Stafford Loans made to undergraduate students will be reduced: Applicable rates are as follows:
July 1, 2009
July 1, 2010
July 1, 2011
July 1, 2010
July 1, 2011
July 1, 2012
5.6 percent
4.5 percent
3.4 percent
These changes apply to only Subsidized Stafford Loans disbursed on or after July 1, 2008 and will not affect any prior disbursements. For Stafford loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable (adjusted annually every July 1st), not to exceed 8.25 percent. To qualify for Stafford funding, you must first complete the Free Application for Federal Student Aid (please visit www.fafsa.ed.gov to complete the FAFSA). The school will review the results and inform of loan eligibility.
What is a Federal Parent PLUS Loan?
Federal Parent PLUS Loans enable parents to borrow money to bridge the gap in education financing for dependent students enrolled at least half time at eligible institutions. This federally guaranteed loan carries a low fixed interest rate and allows the parent to borrow the total cost of education minus any other aid awarded. Eligibility is solely based on the parents credit, where no collateral is required and the interest paid may be tax deductible.
What is the interest rate?
Federal PLUS Loans disbursed on or after July 1, 2006 carry a fixed rate of 8.50 percent. For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable (adjusted annually every July 1st), not to exceed 9.00 percent.
What is a Federal Graduate PLUS Loan?
Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program to cover the cost of attendance minus other aid awarded. Students must be enrolled at least half-time at a participating school. There are no aggregate limits, but a satisfactory credit history is required.
How much can I borrow?
The annual limit on a Graduate PLUS Loan is the difference between the total cost of attendance, including tuition, room and board, books and supplies, and any transportation costs, minus any other financial aid awarded. Applicants are required to complete the Free Application for Federal Student Aid (FAFSA) and have applied for their annual loan maximum eligibility under the Stafford Program before applying for the Graduate PLUS Loan.
What is the interest rate?
The interest rate on a Graduate PLUS Loan is fixed at 8.50 percent.
Federal Stafford Loan
What is a Federal Stafford Loan?
A Federal Stafford Loan is the most affordable option available to supplement personal resources, grants and scholarships and any work-study programs. This loan may be subsidized or unsubsidized by the United States Government depending on the financial need of the student. Subsidized loans are interest-free until repayment begins, usually 6 months after graduation. Unsubsidized loans begin to accrue interest immediately after disbursement. Both types of loans offer a grace period, where no payment is required until 6 months after graduation, or if the student drops to below half-time status.
How much can I borrow?
Loan limits are based on your academic level in school.
Undergraduate - Dependent Student
FreshmanSophomore
Junior
Senior
Undergraduate - Independent Student
FreshmanSophomore
Junior
Senior
Graduate Student
Graduate or ProfessionalAnnual Loan Limit
$5,500$6,500
$7,500
$7,500
Annual Loan Limit
$9,500$10,500
$12,500
$12,500
Annual Loan Limit
$20,500Lifetime Limit
$31,000Lifetime Limit
$57,500Lifetime Limit
$138,500What is the interest rate?
Presently, Federal Stafford Loans disbursed on or after July 1, 2006 are fixed at 6.80 percent. Over a 4 year period beginning July 1, 2008, the interest rate on subsidized Stafford Loans made to undergraduate students will be reduced: Applicable rates are as follows:
First Disbursement of Loan:
Made on or after
July 1, 2008July 1, 2009
July 1, 2010
July 1, 2011
And made before
July 1, 2009July 1, 2010
July 1, 2011
July 1, 2012
Interest rate on the unpaid Balance
6.0 percent5.6 percent
4.5 percent
3.4 percent
These changes apply to only Subsidized Stafford Loans disbursed on or after July 1, 2008 and will not affect any prior disbursements. For Stafford loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable (adjusted annually every July 1st), not to exceed 8.25 percent. To qualify for Stafford funding, you must first complete the Free Application for Federal Student Aid (please visit www.fafsa.ed.gov to complete the FAFSA). The school will review the results and inform of loan eligibility.
Federal Parent PLUS Loan
What is a Federal Parent PLUS Loan?
Federal Parent PLUS Loans enable parents to borrow money to bridge the gap in education financing for dependent students enrolled at least half time at eligible institutions. This federally guaranteed loan carries a low fixed interest rate and allows the parent to borrow the total cost of education minus any other aid awarded. Eligibility is solely based on the parents credit, where no collateral is required and the interest paid may be tax deductible.
Top Loan Programs
How much can parents borrow?
The annual limit on a Parent PLUS Loan is the difference between the total cost of attendance, including tuition, room and board, books and supplies, and any transportation costs, minus any other financial aid awarded. For example, if the total cost of attendance was $20,000 and you received $10,500 in financial aid, your parents could borrow up to $8,500 to bridge the gap.
What is the interest rate?
Federal PLUS Loans disbursed on or after July 1, 2006 carry a fixed rate of 8.50 percent. For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable (adjusted annually every July 1st), not to exceed 9.00 percent.
Federal Graduate PLUS Loan
What is a Federal Graduate PLUS Loan?
Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program to cover the cost of attendance minus other aid awarded. Students must be enrolled at least half-time at a participating school. There are no aggregate limits, but a satisfactory credit history is required.
How much can I borrow?
The annual limit on a Graduate PLUS Loan is the difference between the total cost of attendance, including tuition, room and board, books and supplies, and any transportation costs, minus any other financial aid awarded. Applicants are required to complete the Free Application for Federal Student Aid (FAFSA) and have applied for their annual loan maximum eligibility under the Stafford Program before applying for the Graduate PLUS Loan.
What is the interest rate?
The interest rate on a Graduate PLUS Loan is fixed at 8.50 percent.