Why Consider a College Stafford Loan?

The United States federal government provides a variety of educational loans such as the college Stafford Loan. Named after U.S. Senator Robert Stafford, this loan is backed by the U.S. Department of Education and features lower interest rates than most private loans. It is the most popular type of student loan in the United States. There are requirements that must be met before a Stafford Loan is granted. There are both subsidized and unsubsidized Stafford Loans available. It helps to understand the difference before beginning the financial aid process.


Subsidized Stafford Loans are based on student need. There are income specifications and other factors considered during the eligibility process. The amount awarded depends upon the grade level of the student and the cost of the school being attended. The interest rate on this loan is paid by the government while the student is in school full or half-time. Students are also not required to pay interest on a subsidized Stafford Loan if they have been granted a loan deferral. In some cases a subsidized Stafford Loan is not enough to cover costs and other options such as Pell Grants or Perkins Loans must be considered also.

Unsubsidized Stafford Loans are not based on student need. In addition, the interest on the loan is the responsibility of the borrower at all times. This type of Stafford is recommended for students who do not qualify for the subsidized version or need additional funds for their educational expenses. If you're not sure which loan you should apply for consult with your school financial aid advisor who can help you. There are also other financial alternatives to consider when paying for your education.

The application process for any type of college Stafford Loan involves completing and submitting a FAFSA. This acronym stands for Free Application for Federal Student Aid and is just that -- a free of charge application that must be turned in before Stafford Loan eligibility can be determined. Once the loan is approved the terms and conditions must be thoroughly examined and agreed upon in writing. If at any time you have difficulty repaying your Stafford Loan the government may be able to help you by granting a grace period or even a deferment on your account.



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