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University of Wyoming

Federal Stafford Loan


Stafford Loans are a major form of self-help aid for students. The funds for your loans are disbursed to you from private a lender (a bank, credit union or other lender from our preferred lender list) and are insured by the state or non-profit guaranty agency.

To apply for this loan you must complete a Free application for Federal Student Aid. If you stated that you are interested in receiving loans, your Award Notice should give you and estimate on whether you are eligible for a subsidized or unsubsidized Stafford Loan. It will also direct you to complete the appropriate loan applications that you can find on the forms page.

As you complete the appropriate applications you will be asked to choose a lender, the anount you want to borrow, and for which semesters you are borrowing for. Once your application is submitted and when you meet all requirements, we will certify your application. Once certified, your application will be sent to your choice of lender. Your loan funds will be deposited directly to your UW student account when your lender sends the funds to UW, and will be applied toward the payment of your UW charges. Any remaining amount will be mailed to you at your local address in the form of a credit balence check.

NOTE: If you are a first-time borrower, you must complete entrance counseling.

NOTE: If you are a first-time borrower, you must attend a loan counseling session.
If you are going to or have recently graduated, left college, or dropped below half-time status, you will be invited to attend a loan exit interview. These sessions explain the borrower's rights and responsibilities and provide details about repayment options. The loan exit interview may also be completed online.

Repayment

A loan is a form of aid that must be repaid with interest. The Stafford Loan interest rate is variable, but cannot exceed 8.25%. The interest rate is set annually, on July 1. You have a six-month grace period which begins once you leave, graduate, or drop below half-time status. Regardless of the payment plan you decide on with your lender, there is a minimum of $50 a month that you must pay, once you enter the repayment phase of your loan. If you have questions about repayment, it's best to contact your lender; however, our office will also be able to answer some of your questions.

Deferment A deferment of required payments on a loan can be granted in some circumstances. Deferments may be authorized for

  • current enrollment in school
  • study in an eligible graduate fellowship program
  • study in an approved rehabilitation training program for the disabled
  • up to three years during periods in which the borrower is seeking and unable to find full-time employment
  • up to three years during periods that the lender determines will cause the borrower economic hardship
  • up to two years while serving a required internship or residency
  • up to three years while temporarily totally disabled or required to provide full-time care for a disabled dependent
  • up to three years while teaching in a designated teacher shortage area
  • up to three years while serving in the U.S. armed forces or U.S. Public Health Service
  • up to three years while serving in the Peace Corps
  • up to three years while serving in ACTION
  • up to three years while working as a full-time volunteer for a tax-exempt organization
  • up to three years while serving in the National Oceanographic and Atmospheric Administration Corps
  • up to six months while on parental leave
  • up to one year as a working mother

For details on qualifying for these deferments, please contact your lender or our student loan staff by phone at 307-766-3886 or by email at finaid@uwyo.edu.

Problem Resolution - Ombudsman's Office

Experience has shown that the best and quickest way to resolve a problem is to contact the person or office involved. If you are having a problem related to your loan, and you are unable to resolve that problem to your satisfaction with UW, your lender, a servicer, or your guarantor, you may contact the Ombudsman's office in the U.S. Department of Education. A representative of this office will research your situation, help you to understand the loan process and requirements, and intervene on your behalf should that become necessary.

Office of the Ombudsman
Student Financial Assistance
U.S. Department of Education
Room 3012, ROB #3
7th & D Streets, S.W.
Washington, D.C. 20202

Customer Service Phone: 877-557-2575
Websites: http://ombudsman.ed.gov