Who has a Federal Stafford loan? I just ran out of grant money at school?

Question

and am trying to graduate by next year. So my only option right now is a loan. I was checking out a few banks and I think I am interested in the Federal Stafford loan. Does anyone have this and can give me a little information on it? Or even if there is another loan that you want to reccommend. Also which bank do you think is ok to get it from?

P.S. I already checked Bank of America and Chase

Thanks :)

Answer 1

A Federal Stafford Loan is the best way to go.  You must file a FAFSA at www.fafsa.ed.gov in order to be awarded a stafford loan.  

Your school will then notify you of how much stafford loan you are eligible for and if it will be subsidized or unsubsidized.  

You will need to see which lending program your school uses..  If your school is a direct lending school, you do not get to pick a lender or bank, your Stafford loan will come directly from the Federal Gov't.  If your school is a FFELP lending school, your school will provide you with a list of lenders you may choose from.  All stafford loans are the same and ultimately controlled by the Federal Gov't, so which lender you choose is not really a big deal.  The differences in the lenders come in what types of incentives the lenders offer at payback time, but still they are very similar.  

Good luck