Stafford Student Loans

Many student loan consolidation websites deliver the promise that they will give you the best need-based student loans that are available on the market today, more often than not, this is just not the case. In actual fact Stafford Student Loans are one of very few actual need-based loan programs that are available today.

Let's be realistic; getting through college is not one of the easiest things in life to accomplish for anyone. Aside from the unnecessary stress and worry of rising from your bed and attending classes on a timely basis every morning, not to mention handing in your schoolwork and homework on a timely basis, the great lengths of studying that is necessary to be undertaken for the exams, and reading chapter after chapter of endless literature about a period of time in history that the world may never return to, there is the worry and stress of how you will pay for it all.

It is the intention of many people who wish to also take out other more expensive loans for school, to apply for a School loan consolidation, and victims of non-Stafford loans are scrambling to save their credit and pay their student loan bills every month, whereas Stafford Loans are awarded, based on your needs and is not necessary that it is repaid until such time as the schooling has been completed.

Paying for those expensive college fees is never an easy thing to accomplish, unless you have the great fortune of your parents being millionaires. If your parents do happen to be millionaires, then that is an advantage for you, but is it probably a waste of your time viewing this page. On the other hand, if your parents are not millionaires and you have come to the realization that working, whether it be waiting tables or working on campus will not pay your tuition fees, then continue to read on!

Wouldn't it be more appealing to only have to write one check every month to pay off your student debts, rather than writing three, four, five, six or how ever many are necessary.  By having A Student loan you can be assured that all of your debts are consolidated into one monthly repayment.

Here are some answers to those ever asked questions about Stafford Student Loans:

1.  What Exactly Is a Stafford Loan?

A Stafford Loan is a federal loan that can be applied for by any student in the Unites States, as long as that student has United States citizenship or those students who have special pre-determined non-citizenship circumstances are eligible for application.  You can become eligible for a Stafford loan after completing the relevant application form, which is called Free Application for Student Aid otherwise known as (FAFSA). The FAFSA is one of the single most important pieces of paperwork that you need to complete in relation to your educational career. 

It is required that you supply federal government of your financial status, ensuring that you give relevant reasons as to why you require federal assistance in order to be able to afford your college education, whether it be for books, accommodation etc. All reasons must be listed.  College educations are accessible for those who need help paying for it, and your eligibility for a Stafford Loan is determined once you have completed and submitted your FAFSA form on a yearly basis.

2.  When Should I Apply for a Stafford Loan?

The best time to apply for your FAFSA is immediately following the New Year. This can also be completed on the World Wide Web when you have access to a United States Department of Education Personal Identification Number. This is how you can sign your FAFSA application online and send it electronically, being a much more efficient and fast way, without having the necessity of printing and mailing the document, as that can take up a little more time.

After you file your FAFSA, you will then be sent a copy of your Student Aid Report in the mail. This is a brief summary of all of the awards you have received towards your college education as related to filing for your FAFSA, from work study allowances, to Stafford Loans, to grants and scholarships also.

3.  How do I Qualify for a Stafford Loan?

Subsidized Stafford Loans are awarded based on the individuals financial needs. If you are unfortunate enough to be in a position whereby your parents are not able to afford to pay for your college education, or even be in the position to help you with the finances, then you will be better qualified for a Stafford loan. In which case, it is almost to your advantage not to have rich parents and be the envy of many other students.

As stated above, a Stafford Loan is only available for United States citizens or for those who have special pre-determined non-citizenship circumstances to qualify for the loan. In addition, all those who apply for Stafford loans must be enrolled for at least half of the normal amount of credits required for full time status, and not be in default on any other loan.

Recipients of Stafford Loans must be enrolled in qualifying institutions of undergraduate education. Surprisingly enough, a majority of college loans are in actual fact Stafford Loans.  The reason being that it is not as difficult to qualify for a Stafford loan as it is for any other type of private student loan source.

4.  How Much Am I Allowed to Borrow?

The amount that you are permitted to borrow is listed on your Student Aid Report, your school has a copy of this report on file also. It is important to remember that in your lifetime, it is not permitted to borrow more than $23,000 dollars in Stafford loan funds in order to fund your college education as a dependent.  As an independent student the allowance doubles giving you a permitted borrowing amount of $46,000 dollars in your lifetime.

It is important that when going through college that you have the piece of mind that you can afford the loan repayments after graduation.  You will be looking at entering into the work that you have studied so hard for, but to alleviate the pressure, always be sure to inform your parents that you are applying for a student loan, don't let it be a surprise later after graduation, if by some unfortunate chance you cannot afford the repayments and you need help from your family.  Let them be prepared in advance.

As with any type of loan agreement, pleased be ensured that you read and understand the terms and conditions laid out in the contract agreement.  This is like any other loan and is a legal and binding document.  Once you sign on the dotted line you are bound by the contract rules.

You are not eligible for a Stafford loan as long as you continue to attend school with a minimum of half-time status. You will become eligible for your Stafford loan however, after your school status drops off from half-time, this will happen hopefully after graduation.