Stafford Loan


Types of Stafford Loans

A Stafford Loan is a federal loan made possible by the U.S. Department of Education. Repayment for these begins six months after separation from the school.

There are two types of Stafford Loans:

  • Subsidized: Need-based; government pays the interest while in school, during a six-month grace period, and future deferment periods
  • Unsubsidized: Non-need-based; loan accrues interest after the first disbursement is sent to school; borrower may choose to pay interest monthly or defer the interest into the principle of the loan

Loan Limits

Loan limits are set by the federal government, and the actual loan eligibility is determined by the Financial Aid Office based on being an eligible student, attending at least half-time enrollment, annual and aggregate limits.

Undergraduate Student Loan Limits

(BSN Upper Division, BSN Weekend Evening Option, & BSN Accelerated)

Third- and Subsequent -Years Undergraduates Dependent Student Independent Student or Dependent Whose Parent is Ineligible for PLUS
Based Stafford Loan Eligibility (subsidized and unsubsidized) $5,500 $5,500
Additional unsubsidized Stafford Loan eligibility $2,000 $7,000

Graduate Student Loan Limits


*You will be required to complete exit counseling once you complete your program, withdraw or drop below half-time attendance.

**For graduate students whose loan period is on or after July 1, 2012, you are no longer eligible for a Subsidized Direct Stafford Loan. For graduate students who are still eligible to borrow the full annual limit of $20,500, you would only be eligible for a Direct Unsubsidized Stafford Loan.

Graduate and Professional Students Dependent Student Independent Student or Dependent Whose Parent is Ineligible for PLUS
Unsubsidized Stafford Loan eligibility N/A $20,500
Maximum Graduate/Professional Total N/A $20,500

How to Apply

The Stafford Loan requires the successful submission of the Free Application for Federal Student Aid form. This application is sent directly to the Federal Processor. After processing, a Student Aid Report (SAR) is sent to the student and an Institutional Student Information Record (ISIR) is electronically sent to the financial aid office, provided our Title IV school code is listed on the FAFSA.



Obtain a Federal Student Aid ID (Formerly Federal Student Aid PIN)

The FAFSA application requires you to obtain an FSA ID. If you do not have an FSA ID, you can create a user account to obtain the ID number.



Complete Your Free Application For Federal Student Aid (FAFSA)

Please complete the FAFSA for the year you will be attending school, and be sure to include Goldfarb’s school code on the FAFSA: 006389.

There are two ways to complete the FAFSA:

  1. Via the Internet at
  2. Directly through the Financial Aid Office by appointment (to be completed online)

See below for instructions on how to use the Data Retrieval Tool.
(The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA) and transfer the data directly into their FAFSA from the IRS Web site).

Click here for information about how your federal student aid is determined.



Sign a Master Promissory Note & Complete Entrance Counseling

After completing the FAFSA, and in order to receive a Federal Stafford Loan, you must sign a Master Promissory Note and complete Entrance Counseling.

Once you graduate, withdraw or drop below half-time attendance, you are required to complete Exit Counseling.

Data Retrieval Tool

Data Retrieval Tool Instructions

The Data Retrieval Tool is an easy way to be able to import required tax data whether it is for an initial FAFSA, or during a correction to meet Verification requirements. Please see the steps below:

  1. Log onto your 2018-2019 FAFSA application at
  2. On the Financial Information Tab, update your answer to “Already Completed.” Five options will appear to help you decipher whether or not you will be able to use the IRS Data Retrieval Tool (see screen shot below).
    NOTE: If you answer YES to any of the questions, you will not be able to use the IRS Data Retrieval Tool at this time.Please see the bullets below for instructions on how to proceed.


    • If you answered YES to: “Married Filing Separately”,  “Head of Household”,  or  “Amended Tax Return (1040X)”, you will not be able to use the IRS Data Retrieval Tool. Instead, you must request a “Tax Return Transcript” from the IRS and submit it to the Financial Aid Office. Do not delay! It may take the IRS several weeks to process your request. For information regarding this process, see this FORM.
    • If you answered YES to filing a “Puerto Rican or Foreign Tax Return”, please submit copies of those forms to the Financial Aid Office.
    • If you answered YES to filing your “taxes electronically in the last 3 weeks (or by mail in the last 8 weeks)”  your tax information may not be available yet from the IRS. You may need to wait until the IRS Data Retrieval function becomes available to you.  Also, if you owe the IRS any payment of taxes, the IRS Data Retrieval Tool will not be available to you until a few weeks after your payment has been received by the IRS.
  3. If you can answer NO to each of the questions, you should be able to complete the IRS Data Retrieval Tool. Enter your FSA ID and click “PROCEED TO IRS SITE”. You will be alerted that you are leaving the FAFSA on the Web. Click OK.
  4. The IRS website will open to a page entitled “Get My Federal Income Tax Information”. Enter your filing status and address information exactly as it appears on your 1040 and press “submit”. (This tool is very complex and the information needs to match your 1040 precisely! For example, if on the address line of your 1040 you used the “St.” abbreviation, but you typed the word “Street” into this website, the IRS Data Retrieval Tool cannot match you. Check your 1040 and try again.)

5. If your address was entered correctly, your federal income tax information will populate. Check the box labeled “Transfer My Tax Information into the FAFSA” and then click “Transfer Now” (see screen shot below).

6. Your session with the IRS will close and your information will be transferred into the FAFSA (see screen shot below). Though your information has been transferred successfully into the FAFSA, Biola will not receive the updates unless you continue through to Sign & Submit the FAFSA again. Continue through the FAFSA and complete any blank fields but be careful NOT to change any prepopulated value labeled as “Transferred from the IRS”. If you change any value that is labeled as such, you will be required to complete the IRS Data Retrieval Tool again.

7. Proceed through to the Sign &Submit Tab of the FAFSA and choose “Submit My FAFSA Now” (see screen shot below). This action will send your changes to GSON. You will know your FAFSA has been submitted successfully when you arrive at the Confirmation Page.