Stafford Loans
Stafford Loans are Federal Loans for Undergraduate and Graduate students who are enrolled at least half-time. There are two types of Stafford Loans:
- Subsidized:
- Granted on the basis of financial need.
- The government pays the interest on your loan for as long as you remain in school at least half-time.
- Unsubsidized:
- Available regardless of financial need.
- Interest accrues while you're in school that you must repay later.
Depending on your needs, you may be eligible to combine both types of loans to maximize your education funding. Regardless of financial need, anyone can apply. All Federal Stafford Loans offer these benefits:
- Low interest rate - As of 7/1/08:
- 6% fixed rate for Subsidized Undergraduate Stafford Loans*
- 6.8% fixed rate for Unsubsidized Undergraduate Stafford Loans and all Graduate Stafford Loans*
- Flexible repayment terms (no prepayment penalties)
- Variable borrowing limits based on your year in school
- Interest paid may qualify for a tax deduction**
And, it's easy to apply -
Questions?
Whether you're just getting started or you're already part way through the process, Commerce can help. Just call, click, or come by. We'll
ask listen solve to help you find the solution that is right for you.
†To send an email that contains confidential information, please visit the Secure Message center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
*Interest rates are effective 7-1-2008. The rates and other information set forth above have been obtained from sources deemed reliable, but do not constitute representations of Commerce Bank, nor shall this be considered an offer by Commerce Bank to fund any loan at rates other than those established by the United States Department of Education.
** Consult a tax advisor for details. IRS Publication 970, Tax Benefits for Higher Education, explains these credits and other tax benefits. |
