Stafford Loans
Student needs loans for their studies because education is going expensive than ever. The studies may be your school, graduation or the higher studies. The student loans are there for you if you want to go for higher studies but don’t have enough money. For you there are Stafford Loans. The Stafford Loans is a federal education loan that is provided through federal government. It provides you the financial support for your expenses which will be in your studies like books and study material, hostel charges and other charges for you.
There are two categories of Stafford loans:
- Subsidized Stafford loan: In this loan program, the interest is paid by the government while you are studying in the school. It is generally not approved easily. You need to check the requirements with your school.
- Unsubsidized Stafford loan: In this loan, the interest is paid by the student not by the government.
Eligibility For avail the Stafford Loan
- The need for the financial help
- Registration , if necessary
- Non default status or repayment on all grants
- Completing of FAFSA in same academic year
- U S Citizenship or eligible as non-citizen
- Acceptance for enrollment in higher studies organization
The Stafford loans have low interest rates so it is affordable for you. There are private banks and institutions providing Stafford student loans. But these are offered through federal family education program. If you are thinking to apply for the Stafford loan then you have to fill the FAFSA. The US Education Department provide the federal loan to the you through the Federal Direct Student Loan Program (FDSLP) or by financial Intermediary. Statistics says that the interest rate for subsidized Stafford loan is 6% and for unsubsidized Stafford loan is 6.8% through July 1, 2008 to June 30, 2009. These are fixed rates so you don’t need to think about the interest rate deviation. There are other student loans and you can go for them but still the federal student loan is the best and most admired loan program.