Stafford Loan for Students – Applications are invited from all interested persons to benefit from the stafford loans for students. See below for all you need to know; the requirements, location, application deadline, and how to apply.
Program Description
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.
Stafford Loans are available for undergraduate and graduate students and come from Direct Stafford Loans made by the U.S. Department of Education. You will repay a Federal Direct Stafford Loan to the U.S. Department of Education.
Program Requirements
To qualify for this program, you must be enrolled in a post-secondary educational program leading to a postsecondary degree or certificate. There are other requirements. For more information, read The Student Guide online.
Loan Terms
Maximum Loan Amount: up to $20,500 annually (depending on your grade level, your status as a dependent or independent student, your status as an undergraduate or a graduate student, and your total cost of attendance).
Interest Rate: The interest rate is variable (adjusted annually on July 1st) but does not exceed 8.25 percent. You’ll be notified any time the variable rate changes. For the current Stafford Loan interest rate.
Maximum Loan Length: 30 years, depending on amount borrowed and repayment plan chosen. Read the Repaying Your Student Loan online for more information about repayment.
Frequency of Payments: monthly or quarterly. After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you begin repayment.
Prepayment Penalties: none
Fees: You’ll pay a fee of up to four percent of the loan, deducted proportionately from each loan disbursement. Because of this deduction, you’ll receive slightly less than the amount you’re borrowing.
Contact Information
To determine whether you are eligible to receive assistance through this program, you must first complete a Free Application for Federal Student Aid (FAFSA). Schools use this information from the FAFSA to determine your eligibility for most Federal student aid programs and for many state, institutional, and private aid programs.
Additional Information
| Max Loan Length | 30 years, depending upon amount borrowed and repayment plan chosen |
|---|---|
| Interest Rate | Variable, does not exceed 8.25% |
| Max Loan Amount | up to $20,500 annually |
| Payment Frequency | Monthly |
| Prepayment Penalties | None |
| Fees | Up to 4% of the loan |
Be the first to comment