Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
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Student loan interest rates- Stafford loans

The interest rate on subsidized Stafford loans went from 3.4% 6.8 % on Monday July 1, 2013. Congress' Joint Economic Committee estimated that the cost passed on would be about $2,600.00. Students borrow money for only one school year at a time. Subsidized Stafford loan taken before Monday are not affected by the rate hike nor are federal PLUS, Perkins, or unsubsidized Stafford loans slated for the coming year.

Stafford loans can be subsidized or unsubsidized. When a loan is subsidized, the government pays the interest during periods of deferment. A subsidized loan is awarded on the basis of financial need, and the government pays the interest before repayment begins. The maximum amount of the loan depends upon the year of study, whether the loan is subsidized and whether the borrower is dependent or independent. Stafford loans are also available for graduate studies. Subsidized graduate loans were eliminated for graduate and professional loans effective July 1, 2102. The maximum amount of Stafford loans for graduate programs is determined by the same factors as undergraduate.

The cumulative max for a subsidized Stafford loan is $23,000; the dependent maximum is $31,000 and the independent maximum is $57,500. The graduate subsidized cumulative maximum is $65,000; the dependent maximum is $138,500; the independent maximum is $138,500.

Stafford federal loans are not credit based.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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