Federal Loans

A Stafford Loan is a federally guaranteed low interest loan. These loans are designed for students attending approved colleges, vocational schools or technical schools. There is no credit check required to obtain these loans.

Your eligibility for a Stafford Loan is based on your income and your financial need. Standards are set by the U.S. Department of Education. You may be eligible for a Stafford Loan if you:

• Are a U.S. citizen or national with permanent residence
• Have no defaults on previous government guaranteed loans
• Are attending school on at least a part-time basis
• Maintain satisfactory academic progress as determined by your school

There are two types of Stafford Loans:

Subsidized
Awarded based on financial need. The federal government will pay the interest while you are in school up until repayment begins after the six-month grace period.

Unsubsidized
Not awarded based on need. You will be responsible for making the interest payments when the loan is disbursed. You may qualify for an Unsubsidized Stafford Loan even if your family’s income exceeds the guidelines.

Independent students can borrow more than a dependent student (see chart below). To qualify as an independent student, you must be one of the following:

• 24 years of age by December 31 of the awarding year
• An orphan or a ward of the court
• A veteran
• Married or have legal dependents other than a spouse
• A graduate student
• Declared independent by a financial aid administrator based on unusual circumstances

Click here for more details or to apply for a Stafford Loan. Or, call
1-800-239-4376.