Articles About Finance And Refinancing

Need Aid- Try a Stafford Loan

Enrolling in college after graduation is a dream all high school students ought to have. Many opportunities are provided to college graduates that aren't to everyone else. Nevertheless, oftentimes high school graduates don't have the finances to pay for college. Don't let this problem stop you! Many options are available to you! Applying for a Stafford student loan is one of your options.

The Department of Education gives out Stafford Student Loans. They are the most popular Federal student loan. Federal Stafford loans are available to graduates and undergraduates and you don't necessarily have to be in great financial need.

In order to be eligible, you have to be a US citizen who will be attending a college or university within the US, you must be in school at least half-time, and you must submit a FAFSA (Free Application for Federal Student Aid).

The interest rates on the Stafford student loan are fixed. It does not change except once a year. The current percentage rate is 6.8%.

Subsidized and Unsubsidized are the two types of Stafford student loans.

Unsubsidized Stafford Loans can be taken out by just about any student regardless of their income. Even if his or her family makes $400,000 annually, they can still apply. The moment you start college the interest rates will begin. Nevertheless, you may defer payment of interest until after you graduate if you so choose.

Subsidized Stafford Loans are only given to those students who are in great financial need. To prove that you do not have the funds, you must file a FAFSA application. This has to be done every year. You can find this application at FAFSA.com.

Those who have subsidized Stafford loans do not have to pay interest while they are in school. The government will pay it for you. Interest does not accrue and payments don't begin until six months after you graduate. Once you graduate, you must paying interest on your own.

For people with subsidized loans, undergraduates are permitted to borrow between $2500-$5500 per academic year. Graduate Students can borrow up to $8500 per year. The money is mailed to your school. If you have an unsubsidized loan, you are allowed to borrow more.

These loans are available through the government or through private lenders The government has a fixed interest rate for Stafford loans so private lenders are typically better since they must convince you to get the loan from them rather than the government.

NOTE: Use of this article requires links to be intact.

Elise Fisher loves writing articles that help students finance their higher education. To learn more about Stafford Student Loans and other federal loans, follow the link. Don't miss the Low Interest Student Loans page.

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