What You Need For Your Federal Stafford Loan Application

Federal Stafford Loans are federal student loans available to college students to supplement personal income, scholarships, grants, and work study. Students are eligible to accept Stafford loans despite having bad credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized based on need.

Stafford Loan Benefits

  • Low fixed interest rate (6.0%)
  • Increased borrowing limits ($2,000 plus)
  • No payments while enrolled in school
  • Acceptance not based on credit

Stafford Loan Eligibility

Before you fill out a Federal Stafford Student Loan Application, make sure you are eligible. To be eligible, a student must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending a school that participates in the Federal Family Education Loan Program. Some additions to this include:

  • Student must submit a FAFSA to be eligible for a Stafford loan
  • Financial need should be determined by school of choice (for subsidized)
  • Student must be enrolled or plan to enroll at least half-time

Kinds of Stafford Loans

There are two kinds of Stafford Loans:

  • Subsidized Stafford: The government pays accumulated interest while the student is enrolled in school no less than half-time. Eligibility is based on financial need.
  • Unsubsidized Stafford: Student is accountable for paying all the interest that accumulates, but does not begin payments until after graduation or if enrolled in school less than half-time. Eligibility is regardless of financial need.

For more information on Stafford Loans, visit www.staffordloan.com.


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