Eligibility Requirements for a Stafford Loan
Going off to college can be a big challenge. Deciding what to major in and where to go can be time consuming. You have to take the SAT's and obtain great scores to be accepted into Ivy League colleges. You have a lot on your plate. Venturing into the adult world and taking responsibility can be a worrisome feeling. College can be expensive and applying for grants takes a lot of time and competition. If your parents don't have the finances you can obtain a government education loan. The Stafford loan can pay for all your education expenses and build your credit as well.
Federal Requirements
Complete and submit a Free Application for Federal Student Aid prior to applying for loan.
Financial requirements
The college you attend must determine your need for assistance by subtracting your Estimated Family Contribution from the cost to attend the college.
College
The school must utilize the Federal Family Education Loan program. You must plan to attend school at least part-time.
Citizen Eligibility
To be eligible for a Stafford loan you have to be a United States or national citizen, permanent resident, or meet all requirements by the United States government for an eligible non-citizen
Loans
Subsidized loans are based on financial need, and interest does not take effect until after graduation. Unsubsidized loans are not decided on financial need, and interest accrues on loan from the time loan is received. You must not owe any grant or be past due on an educational loan to qualify for any Stafford loan.
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