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The Stafford Student Loan
The Stafford student loan is a loan regulated by the federal government. It lasts for ten years and it can be deferred if the student returns back to school or faces economic hardship after graduating college. This loan is for students that anticipate that they will obtain a job after graduation, and will be able to pay the loan back. The applicant must apply for the Free Application for Federal Student Aid (FAFSA) to see if he is qualified to receive the loan. The Stafford loan has low and fixed interest rates, these rates are better than any private loan. The amount loaned depends on the applicant’s financial need and the loan will be given directly to the school to be utilized for academic expenses only.
Eligibility
To be eligible for the Stafford loan, the applicant must meet the following criteria:
- Applicant must be a U.S. Citizen, U.S. National or U.S. Permanent Resident
- If none of this apply, candidate must have an Arrival-Departure I-94 sowing that applicant is a refugee, an asylum granted, a Cuban-Haitian entrant, a conditional entrant, or a parolee (USCIS evidence must be provided that applicant has been in the U.S. for a year and intents to become a U.S. Citizen or Permanent Resident.
- Students under an F1 or F2 visa, and J1 or J2 exchange visitor visa are not eligible to apply
- Applicant must have a financial need and apply for the FAFSA
How Much Can I Receive?
A Stafford loan depends on the applicant’s financial need. It can range form $2,625 to up to $5,000. These loans are design for students who cannot cover all their financial expenses related to college. The loan requires the applicant to pay back within six months after graduation, unless the applicant defers it due to an economic struggle or if applicant returns to school.
How to apply
To apply for the Stafford loan the applicant needs the following:
- Complete the FAFSA, Free Application for Federal Student Aid form. To find the form, please visit, www.fasfaonline.com.
- The application requests a list of up to six schools the student is interested in enrolling, a Student Aid Report will be delivered to those schools, and a copy will be sent to the applicant.
- The school will send the applicant a letter stating what awards and grants he is eligible for.
- If the students is qualified for a Stafford loan, he will need to find a lender to fund the loan, to find lenders please visit, www.staffordloan.com
- If student is not qualified there are other loan options, such as a private loan.
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