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Federal Stafford Loan

Edna Said:

Are you reimbursed when you accept a Federal Stafford Loan?

We Answered:

If you don't register for spring, the loan for that semester won't be disbursed and you won't owe that part of the loan or receive that part of it. (You won't have a bill.) Right now, you've only borrowed $2500, not $5000.

Gail Said:

Can I use a Federal Stafford loan to pay for flight training?

We Answered:

You can ask that question to the financial aid office. They are the ones that must be capable of awarding & receiving financial aid.

Julio Said:

What is a Unsub and Sub Federal Stafford Loan ?

We Answered:

If the Staffords loans weren't loans, they wouldn't be called "loans", now would they? Financial aid money that you don't have to pay back is called a grant or a scholarship.

Stafford loans are a form of financial assistance that are offered to eligible college students - and the money comes either directly from the federal government, or from a private lender. The government gets involved in making loans because they want to encourage higher education, and the government's involvement entices private lenders to make money available to college students.

Keep in mind that THE primary concern of a lender is that the borrower pays the loan back. But in the case of young, college-age borrowers, both lenders and the government know that most college students don't have a lot of credit history - so how can the lender feel confident that the college students they lend money to will pay them back?

In steps the government with the Stafford Loan program, which guarantees private lenders that the federal government will pay off your loan if, for whatever reason, the lender is not able to collect the loan from you. (Trust me, the government has its own methods of getting the money back from you, which you'll find out when it comes time to start filing your federal income tax).

Subsidized Stafford Loans are another form of government assistance - if an analysis of your financial need shows that you and your parents cannot be expected to afford college without financial assistance, the government will pay all of the interest that accrues on your loan while you're in school. When you finish school, and you begin to pay back the loan, all of that interest has been paid for you, and you won't ever have to pay it back. (You will, however, pay back the principal amount that you borrowed PLUS any interest that continues to accrue over the years that you are actively paying back the loan).

Unsubsidized loans are nearly the same, but they're offered to students who do not demonstrate financial need. In the case of an unsubsidized Stafford, you would be responsible for paying all of the interest that accrues on the loan - even the interest that is accruing while you're still attending school.

When a college or university prepares a financial aid statement for you, they are only showing you all of the money that they COULD make available to you - it is your decision whether to accept all, none, or any part of the financial aid package that they are offering.

If your parents are able to pay your college tuition, room and board, books and incidentals out of their own pocket, there is no reason to accept any funds that will have to be paid back. On the other hand, Stafford Loans are offered at very competitive rates (because they're low-risk loans for the lender), and many people do prefer Stafford Loan borrowing over any other form of available loan money.

I hope this helped!

Darren Said:

Can you get a Federal Stafford Loan soon after a bankruptcy?

We Answered:

Yes, you can get a Federal Loan after bankruptcy.

Robert Said:

Is there another loan like the Federal Stafford Loan that doesnt require a credit check?

We Answered:

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Jerry Said:

How do Loans work? Why do I have to apply for a Federal Stafford Loan Note first? How important are deadlines?

We Answered:

Everything seems ok.

Deadlines are floating - if you miss one deadline, then you might just have to pay your tuition for that term, but your loan will still be processed and given to you as soon as possible. But usually a deadline means to get money by this date (say Aug 1rst), your file has to be completed by the due date (say July 1rst). But if you send it July 2, you will still get your money, just one day later than if you turned it in July 1rst.

Once I was a couple weeks late on my fafsa and had to pay the tuition, but a couple weeks after paying my tuition I got all my loan money, but it turns out I didn't even have to pay my tuition if I didn't want to cause the financial aid office knows if a loan disburstment is getting sent my account.

Just ask these questions to your financial aid office, my guess is you'll get your money in time.

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