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Federal Stafford Loans

Rita Said:

are stafford federal loans required to not have prepayment penalties? because some banks list it, some dont?

We Answered:

There is never a prepayment penalty for a federal loan. You do however have to tell the lender that you are prepaying and if you have more than one loan with the same lender you have to specify which one you are prepaying.

Christine Said:

Are federal stafford loans only for tuition purposes?

We Answered:

Yes, you can use Stafford loans to pay for things such as dorm, rent, living expenses and such. If your tution and fees and books are less than the cost you are offered in federal student loans you get issued the extra to pay for these things.

Hwever, a word of warning. Federal student loans are not meant to pay for everything. Unless you have a really cheep school, combined with a really low standard of living (not likely if you are working full time and had a LIFE before college) folks don't realize they can't just quit thier job and live off of finanical aid. Again, it depends on how much you are offered, but I wouldn't do anything drastic with your employment until you have that cash in your bank account. Jobs are too hard to come by these days.

Private student loans are evil and should be avoided at all costs. Besides, without a full time job or a very good cosigner with a great credit score you won't be approved for a private student loan. The interest rates are double that of the federal loans.

Roger Said:

Can Federal Stafford loans be used after you pay off your tuition?

We Answered:

yes, you get the rest in a refund. but only if there is a excess of funds.

Jean Said:

For GRADUATE Federal Stafford loans, do they have to be used ONLY for tuition?

We Answered:

Yes.

Micheal Said:

What are my chances of getting a federal Stafford loans next year.?

We Answered:

Everyone qualifies for the unsubsidized stafford loan. The maximum that a sophomore student can take out is 6500 for the year.

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