1.0Glossaryhttps://www.healthbenefitstimes.com/glossaryGlossaryhttps://www.healthbenefitstimes.com/glossary/author/adminglossary/rich600338<blockquote class="wp-embedded-content" data-secret="qxQKrjxKJT"><a href="https://www.healthbenefitstimes.com/glossary/stafford-loans/">Stafford loans</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.healthbenefitstimes.com/glossary/stafford-loans/embed/#?secret=qxQKrjxKJT" width="600" height="338" title="“Stafford loans” — Glossary" data-secret="qxQKrjxKJT" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://www.healthbenefitstimes.com/glossary/wp-includes/js/wp-embed.min.js </script> A federally subsidized loan program under which banks, credit unions, other financial institutions, and sometimes schools lend money to undergraduate and graduate college students who have no previous federally subsidized loans; formerly called Guaranteed Student Loans (GSL). Amounts available (as of 1990) vary: up to $2,625 a year for the first two years of undergraduate study; up to $4,000 a year after two years in a bachelor’s degree program; and up to $7,500 a year for graduate study. The maximum available for undergraduate study altogether is $17,250 and for undergraduate and graduate study together is $54,750, though in no case can this be more than the actual cost of the education, minus any other financial aid the student receives. The student signs a promissory note, and the funds will be lent to the school and then paid either directly to the student or into the school’s credit account, less a 5-percent origination fee and up to a 3-percent insurance premium. Interest charged is only 7 to 9 percent, and the repayment period is at least five and up to 10 years. Repayments of at least $50 a month do not begin until six to 12 months after the student either leaves school or drops below half-time, though payments may be further delayed under certain circumstances.