Eligible students enrolled at least half-time and making satisfactory academic progress towards a recognized degree may apply for low-interest loans from private, commercial, or state lending institutions. These are guaranteed loans in which there is not a credit check or co-signer involved. The money comes electronically and goes directly onto the student's account.
A Stafford loan first disbursed on or after July 1, 2006 has a fixed interest rate of 6.8%. The student will have a six-month grace period after graduation, withdrawing, or dropping to less than half-time status to begin repayment on these loans. There is a ten-year maximum for repayment of Stafford Loans. The student's dependency status and grade level will determine the amount of eligibility.
| Dependent Student | Independent Student |
Freshman | $3,500 | $7,500 |
Sophomore | $4,500 | $8,500 |
Junior | $5,500 | $10,500 |
Senior | $5,500 | $10,500 |
*Crown uses Great Lakes Higher Education Corporation as their loan guaranty agency.
* Students must complete the FAFSA to receive consideration for this loan. Students must also complete a Master Promissory Note and Entrance Counseling in order for the loan to be processed.
There are two types of Stafford Loans: Subsidized and Unsubsidized. The Subsidized Federal Stafford Loan is need-based and interest free because the interest is paid by the Department of Education for student borrowers while they attend college on at least a half-time basis. The Unsubsidized Federal Stafford loan has the same terms and conditions as the Subsidized Stafford but does not carry the in-school interest subsidy. Students pay the interest while in school or have the option to let the interest accrue and have it capitalized.
