10.16.08 | How will I get my Stafford loan money?
I get asked “where’s my stafford loan money” at least twice a day. I feel bad for these students too. It’s as if they’ve been thrown to the wolves to fend for themselves. I know at 18 I was a few fries short of a happy meal so I suspect some of them are too.
Basically, this is how it works. You’ll be paid through your school in at least two installments. No installment may exceed one-half of your total loan amount. Your loan money must first be applied to pay for tuition and fees, room and board, and other school charges. If loan money remains, you’ll receive the funds by check or in cash, unless you give the school written authorization to hold the funds until later in the enrollment period.
Generally, if you’re a first-year undergraduate student and a first-time borrower, your school cannot disburse your first payment until 30 days after the first day of your enrollment period. This practice ensures you won’t have a loan to repay if you don’t begin classes or if you withdraw during the first 30 days of classes.
To apply for a stafford loan (click here).
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I applied for stafford loan and i dont know what the status is on it. please reply
October 22nd, 2008 | #
Once I have decided on a college to attend and pay the aoolication fee. It is correct that my stafford loan will be fowarded to trhat vollege, even if it is on line studies? Thaankyou for responding to this question of mine.
December 29th, 2008 | #
Assuming your school is a qualified Title IV school (whether online or ground campus) you may be eligible for the Stafford loan. It all depends on your FAFSA. Once you complete that the school will receive a copy of your SAR and let you know if you are eligible for a Stafford loan. Then you can come back to http://www.staffordloan.com to complete the final step in the process.
January 23rd, 2009 | #
She feels sorry for these students because they’re “a few fries short of a happy meal”. Wow.
August 15th, 2009 | #