www.sampleresume.net |
|
|
Stafford Loans
|
Article on Stafford Loans
Going to college is something that a lot of people want to do but only very few can afford. It costs tens of thousands of dollars per school year to attend college. Many determined students apply for part-time jobs, scholarships, fellowships, and grants however only a small fraction of applicants get accepted. For this reason, students have resorted to student loans such as the Stafford loans in order to finance their college education. This article will focus on the Stafford loan, what it is, benefits, how to qualify and apply for one, and other useful details.
A Quick Overview on Stafford Loans
This loan is one of the most popular and sought-after federal student loans that are created to provide financial assistance to students who meet the eligibility requirements. There are 2 types of Stafford loan- subsidized and unsubsidized. The difference between them is that subsidized loans are given based on financial need, and the government subsidizes the interest until such time the student can pay for the loan’s monthly dues. Unsubsidized loans are awarded to students who meet the eligibility requirements regardless of financial need however interest is charged from the time the loan amount is released.
Qualification and Application for Stafford Loans
General qualifications include being a United States citizen, a permanent resident, or at the very least, an eligible non-citizen. The applicants should also be enrolled or will be enrolled in a college or university accredited by the FELP (Family Education Loan Program) for at least half time. Once all the qualification requirements have been met, the next step is to submit a FAFSA, and then wait for feedback from the school. They will be the ones to tell applicants regarding their loan eligibility. From there, a student can then apply for a Stafford loan online.
Benefits of Applying for a Stafford Loan
Stafford loans give any student the benefit of not having to worry about high interest rates. With a fixed rate that can go as low as 4.5% for subsidized loans, it definitely has one of the most competitive rates in the industry. Another benefit is that this loan does not require any credit check, which means that those with no credit history or poor credit rating will still be eligible. It also does not require any payment until after graduation, with a grace period of 6 months. These benefits are just some of the things that make Stafford loans quite popular.
Whether a student needs to apply for a Stafford loan as the sole means to get to college or perhaps to use it to supplement personal savings or family funds to cover tuition, books, or room and board, going for this federal student loan is the right thing to do. With a payment period of 10 years that can still be extended if deemed necessary, plus other benefits, it makes perfect sense to apply for a Stafford loan before deciding to check other options.
|
|
|
|
|
|
|