Stafford Loan Information
The Stafford Loan is a federal student loan and is part of the Direct Loan Program, which is administered by the Department of Education. We’ve provided general Stafford Loan information as well as educate you about the Direct Loan program below.
The Stafford Loan is a federal student loan that is available to students attending a Title IV school. In order to become eligible for a Stafford loan, student must meet the following requirements:
1) Students must be a US citizen or eligible non-citizen
2) Pursing an undergraduate degree from a Title IV school
3) Enrolled at least half-time in a degree or certification program
4) High School graduate or have an equivalency diploma
5) Is not in default on any existing federal student loan
Students that are eligible to receive a Stafford Loan can receive up to $7,500 per school year if you are considered a dependent undergraduate student, while independent students have an opportunity to receive up to $12,500 per school year.
In order to become eligible for a Stafford Loan, students must complete and submit the FAFSA application. This is a FREE application that determines if you are eligible to receive any type of financial aid. Students can complete and submit their FAFSA application either online or through regular mail. Most students submit their application online, since they receive instant confirmation that the application was received and they are also able to check their application status online as well.
After graduate, students have a grace period of 60 days before they have to start repaying their Stafford Loan. If you feel you are unable to repay you student loan after the 60 days then you can request to defer all payments until you are financially able to commit to making continuously monthly student loan payments.