Summary: Student Loans, Stafford Student Loans, Federal Student Loans

student loans and other aid tips for starting college


	Summary Info
	More Detail Info
	Stafford Loan Chart
	Stafford Loan Rates

Federal law requires that education institutions accept all completed stafford applications regardless of the lender selected by the applicant.

about stafford loans

Government Guaranteed, Fixed Rate Student Loan
that covers all or part of your education-related expenses as certified by the institution. Available for both undergraduate and graduate level programs at different loan amounts.

Loan Amounts:	varies by student grade status: see loan chart
Payments Begin:	180 days after graduation or separation
Interest Rates:	fixed for the life of the student loan: see rates
No Restrictions:	no credit check or co-borrower required

For Information Below:

stafford loan summary review
stafford loan advantages and disadvantages

summary information

loan amounts:
varies by student grade level: see loan amount chart
interest on the loan:
eligible loan amounts may be subsidized or unsubsidized (depending on the financial need of the student)
interest rates:
fixed for the life of the student loan
no restrictions:
no credit check or co-borrower required
no restrictions:
no credit check or co-borrower required
stafford student loan processing:
processed and funded through the college
stafford student loan eligibility:
loan eligibility requirements include HS diploma, approved DOE certified school, and other eligibility requirements: link to view student eligibility
stafford student loan terms:
repayment begins 180 days after graduation or separation from school

advantages

No Credit Checks
since the funds are guaranteed by the federal government, your credit report is not used in qualifying you for the loan: see qualification parameters
Low Interest
federal student loans are fixed rate loans that remain fixed for the entire term of the loan; current rates are lower than most other financing options: view interest rates
Flexible Repayment Plans
student loan payments do not have to be repaid until 180 days after you leave or graduate from school. The federal government offers flexible repayment plans that can fit your budget. You can even consolidate your federal loans into one, low repayment plan: view our affiliated student loan consolidation center for information

disadvantages

Low Amount Limits
the biggest disadvantage of stafford loans is the limited loan amounts — only $3,500 for first-year students. Very small amounts considering the cost of education: see loan limits
Requires Federal Filings
you must file the FAFSA form with the federal government in order to apply for stafford loans. The FAFSA filing is used by colleges to determine your financial aid award: see FAFSA file
Multiple Borrowings
you have to file and apply for a loan each academic year.

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student loans and other aid tips for starting college

Stafford Student Loans

Quick Summary Review

Advantages and Disadvantages