Can anyone tell me what a Stafford loan is?

Question

Can anyone tell me what a Stafford loan is?

Answer 1

It's been a while but I think it is a variable rate loan?  Please correct me if I'm wrong.

Answer 2

Stafford Loans fall into the category of Title IV funding backed by the Dept of Education.  The Stafford Loan is broken down into 2 categories (subsidized and unsubsidized).  

Your Stafford Loans are still submitted through a lender of your choice, such as Sallie Mae, but the Dept of Education, also known as Direct Loans, is the guarantor.  These loans are not based on credit score, but based on eligibility from the FAFSA EFC result, and a few other common variables (ie, selective service, dependency status, etc)

These are loans.  They MUST be paid back.  These loans have low interest rates, that are set by the government annually.  Until 2012, the interest rates will drop each year.

I hope this helps you, and best of luck

Answer 3

A student loan. I believe it is from the government and is either low interest or interest free.

Answer 4

A Stafford loan is a federal education loan available to college students to help pay for educational expenses while enrolled in school.  You must be in an eligible degree program, enrolled at least half-time, and not be in default in a prior student loan in order to qualify.  

Staffords are one of best loans available because they offer a low fixed interest rate of 6.8% and have many good benefits associated with them such as a 6 month grace period when you graduate or withdraw from school before beginning repayment, forbearance and deferment options.

Talk to your school's financial aid office about how to apply for them at your school.

Answer 5

http://www.staffordloan.com/