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STAFFORD LOAN

 

This section has been made to guide and provide you information about Student Loan, Student Loan Consolidation Program, Student Loan Consolidation Services. It covers various types of Loans available, may be it a Federal Student Loan, College Student loan, International Student Loan or Private Student Loan, and information from Student Loan Refinancing to Student Loan Corporation.

 

Stafford Loan is part of the federal student loan program. Stafford loans carry a low interest. Stafford Loans are federally guaranteed loans for students. Stafford student loans are used to cover expenses of total cost of education which include tution expenses, books and boarding and other expenses related to education. Under Stafford student loan programme, there is no set deadline for Stafford loan application. Federal Stafford loan can be used at any eligible school accepting them. The amount of financial aid for which a student is eligible is decided by FAFSA, so the student has to apply every year for Stafford College or Schools loan. Federal Stafford student loans do not renew automatically. The Stafford loan is a need based loan and is goverened by FAFSA. The school decides when funds are to be disbursed. There are different Stafford Loan limits. You must be enrolled at least half-time at your school to qualify for Stafford loans. To obtain loan under the federal Stafford loan program, the student shall first complete the Free Application for Federal Financial Student Aid ( FAFSA ). After the processing of FAFSA, the school will inform you about your Stafford student loan eligibility after reviewing the results. Next you must complete the Master Promissory Note (available from a lender, guarantor, or financial aid office), which is the promissory note for your loan. The loan is disbursed in two installments.

There are two types of Stafford loans: Subsidized and Unsubsidized

Subsidized Stafford Loans:
In federal Subsidized Stafford loans, the government subsidizes Stafford loan interests. The students who apply for will not be charged interests on Stafford loans during grace period or during periods of deferment.

Unsubsidized Stafford Loans:
In Federal Unsubsidized Stafford loans, the interest is charged on unsubsidized Stafford loan from disbursement of loan to repayment of loan. The interest on Stafford student loan accrues if not paid and this accrued interest gets added to total amount of loan.


 


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