There are many different types of student loans that are available to college students who are attending school. There are loans through the traditional source such as a bank or credit union or there are loans through the government. Many students who want to attend college to further their education are finding that it is too expensive to pay for on their own so they are turning to student loans. One of the most affordable student loans is the Federal Stafford Loan.
What Is A Federal Stafford Loan
The Federal Stafford Loan is a student loan program that is available to the graduate student or the undergraduate student. This type of loan does not take into consideration how much a student or the student’s parents can afford to pay. It is a loan that is available for any student who are in need of financial assistance to help pay for school. This is one of the rare no credit check loan that come with a low interest rate.
How To Get Information On The Stafford Loan
Getting information on the Federal Stafford loan is easy. You should go to the Federal Stafford Loan website. This should give you all of the information you are looking for including how to get a Stafford loan and will also explain all of the benefits to receiving this type of loan.
There is one thing that you need to know. There are two different types of loan. Subsidized loans and unsubsidized loans. By getting on the website you can find out the differences between these two different types and you can figure out which loan will best fit your financial situation.
Qualifying for A Federal Stafford Loan
It is easy to qualify for the Federal Stafford Loan. The first thing you will need to do is complete the FAFSA form. This form should supply the lender with all of the personal and financial information you need to be successfully qualified for the Stafford loan. Once you have been approved for the Stafford loan you will receive a letter stating that you have been granted for this bad credit personal loan. It is now time for you to complete the Master Promissory Note (MPN).
Once you have received the approval letter and have completed the Master Promissory Note you should contact your lender. It is required that you and your lender come to an agreement on the amount of the payment and how the payment should be made.
Even though this is considered financial assistance it should be treated just like you would treat any other loan. Be sure to make all of your payments on time every month. You to not want your federal Stafford loan to go into default. Going into default on this type of a loan will cause major damage to your credit history.
Just like any other form of financial aid if there are any questions that come up while completing the application or just general questions you can contact your schools financial aid office or contact the government telephone number. These resources will be more than happy to assist you in any way they can.