There are many who would recommend the Stafford student loans, saying that it is one of the most widely-disbursed when it comes to student loans. The Stafford student loans are comprised of two variations, namely the Federal Family Education Loans Program (FFELP) and the Federal Direct Student Loan Program (FDSLP). For the first one, the loans are provided by private lenders such as banks, credit unions and savings & loans associations. The Federal government acts as a guarantor or a guard against default of loans made through the FFELP. The latter is provided by the US government through the administration of ‘Direct Lending Schools’.
The important thing when it comes to getting Stafford student loans is to demonstrate financial need. To give you an idea, it is estimated that at least 2/3 of Stafford student loans are approved for students with family AGI of under US%50,000. This is a subsidized loan as well, meaning that the government pays for the interest rates of these loans. Under the Stafford student loans, there is also an unsubsidized loan that is accessible to any student regardless of need. Resources are also available online for those wishing to view the Stafford student loans limit.
In order to apply for the Stafford student loans, one must fill out the Free Application for Federal Financial Student Aid, also known as the FAFSA. To be eligible, a student must also be enrolled at least half time. Once the student is deemed eligible, an award letter will be sent to the student enabling him or her to apply for loan.
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