Graduate Stafford Loan
Graduate students interested in a student loan should consider a federal Stafford loan to assist them in paying for their education. A graduate Stafford loan offers a low interest rate and favorable repayment terms. There are currently two types of Stafford Loans available to students, which include the Subsidized and Unsubsidized Stafford Loan.
The Graduate Subsidized Stafford Loan is for low-income students that are in need of additional money to pay for their graduate school program. Qualified graduate students can borrow up to $8,500 in Subsidized Stafford Loans per school year and can have a maximum debt amount of up to $65,500, which includes any undergraduate Stafford Loan debt received.
The Subsidized Graduate Stafford loan is a great option for graduate students, since the loan will not accrue any interest while in school and any interest on the loan will start sixty days after the student has graduated. The subsidized graduate Stafford loan also offers a very low interest rate of 6.8%, which is extremely low when compared to other student loan lenders.
The Unsubsidized Graduate Stafford Loan is great for graduate students wanting to receive additional money to pay for their graduate school program, even though they may not be considered low income. Students can use these funds to pay for their education or any school related expenses. Qualified students can borrow up to $20,500 in unsubsidized Stafford loans per year and can receive a maximum debt amount of $138,500, which includes all undergraduate Stafford Loan debt received. The total maximum debt amount also includes any unsubsidized Stafford loans, if any.
Students interested in an Unsubsidized or Subsidized Stafford Loans can complete the FAFSA (Free Application for Federal Student Aid) application to see if they qualify to receive federal student aid. This application can be completed and submitted online or through regular mail. In order to submit online, students must have a FAFSA PIN, which acts as the students identification online.
Once the student submitted their FAFSA and it has been reviewed by the Direct Loan Program then the student will receive an award letter from their schoolís financial aid office indicating the award amount.
Students are able to receive their application status online to see if it has been reviewed by the Direct Loan Programís administration. Once the application has been reviewed then it is given to your schoolís financial aid office to determine to specific award amount that you will receive for the upcoming school year.