Information About Stafford Loans

Major characteristics:

Major characteristics:

Stafford Loans (subsidized or unsubsidized) are to be paid back

Lenders: Credit unions, banks, loans and savings, loan associations, colleges, and, via the Direct Loan program

Insured by a lender plus re-insured by the federal government or state

Rates of interest were recently reduced to 1.7% above the rate for the 3-month Treasury bill when a student is in college, and 2.3% above the T-bill rate when a student's in repayment. The rates are afoot until July 1st, 2003.

Deadlines: Apply after January 1st

How to define the eligibility?

You should be enrolled half-time at least in a participating college

You should be an eligible non-citizen or U.S. citizen

Unsubsidized Stafford Loan is issued despite income; students can borrow money whether they are financial need

Students studying abroad are eligible when they earn credit from the state institution too

You should not have already defaulted on other college aid loans

Senior and junior undergraduate students must not get $23,000 and more outstanding from the previous Stafford Loans, and graduates must not get $65,000 and more outstanding from the previous Staffords

The following numbers represent the maximal amount anyone can get yearly by means of subsidized Stafford Loan programa, if there is no other aid:

1st year undergraduates: $2,625

2nd year undergraduates: $3,500

3rd and 4th year undergraduates and beyond: $5,500

Graduates: about $8,500

Undergraduates who wont attend college for a full education year are eligible for the Stafford Loans.

The amount that all students get cannot surpass the total price of their studies less the sum of other financial aid given. For instance, in case the total college price for a year is about $6,000 plus you have obtained other aid like a Pell Grant or Federal Work-Study employment amounting to about $3,500 in benefits, the maximal amount that you can borrow is $2,500.

by: Alex LEY

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