Freshmen: How to Get Your Stafford Loans | 03.17.11
While high school seniors are receiving their acceptance letters and financial aid award packages, they might be exploring the differences between the loans they are eligible for and wondering how to actually acquire these loans. Many students are lucky enough to qualify for Subsidized Stafford Loans, which have a lower interest rate than unsubsidized ones. There are also thousands of students who are only eligible for Subsidized Stafford Loans. If you are a student who is planning on taking out one of these two Stafford loans, there are some things you should know about the process…
How to Apply
In order to qualify for a Stafford Loan, students must first file their FAFSA. Once this happens, students will receive a financial aid award letter with the total amount they are eligible for. Just because a financial aid award letters lists Stafford loan options, this does not mean that you have actually accepted the award. This is merely the amount you are eligible for. To accept a Stafford loan, students should contact their financial aid office. Remember, just because you are eligible for a certain amount of money, this does not mean you need to use it all. If you only want a partial amount, you can send back the unwanted portion immediately or request a lesser amount from your financial aid office.
Dispersing Funds
Stafford Loan funds are sent directly to your school’s financial aid office twice per year, once for the fall semester and once for the spring. The funds are applied directly to your account about midway through the semester- this ensures that students are still enrolled and have not dropped out of classes. Any money that exceeds tuition and fees costs will be returned to the student, or the student’s account will be credited accordingly. This extra money can be used at your disposal, for school-related items such as books, food, housing etc. Just remember that the loan must be paid back eventually, so if you don’t need it, don’t use it!
Stafford Loan Not Enough?
If you are one of those students who has not received enough funding through federal loans, consider taking out a private student loan. Private loans are a great way to fill the gap in your education costs. PrivateStudentLoans provides a lot of good information on how to get a private loan and even allows students to compare lender options.
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My school does not work with the stafford loan, is there a way I can apply for it myself and have it sent directly to me?
@Steph- Unfortunately, no. Some schools do not provide federal loan options, and in this case, your best option would be to apply for a private student loan.
I am a 51 year young women. I have a business degree and am an excellent accountant but I could not get a job in this economic mess after my fiance and I were laid off in 05/2008. I was over qualified. Our Explorer was repossessed and we barely scraped by. Last Fall (my landlord took me to school)I applied to Pensacola State College to get an Associates in Psychology. I graduate this Spring. This Fall semester I will begin working toward my degree in art. I would like to be an Art Therapist and work with cancer kids and troubled children. My FAFSA and Stafford Loan has not been enough. We bought a 1983 van for $700.00. My fiance has just recently acquired work but not at a 40 hour week. I especially could use the $10,000.00 for gas, from the far west side of Pensacola to the Central Campus in our 1983 Chevy van, where the balance of my classes are. I’m also sure that the cost of art supplies will be outrageous. I am currently looking for a position that is associated with my goal and I will need transportation. When my sons were in school I was a substitute teacher and worked with the Special Needs children when needed and when other subs would not. I have many good years ahead of me and want to help disadvantaged children. Your consideration is more than greatly appreciated. Thank you.
I am in need of $10,000 for me to continue non-stop of getting my BA degree. I feel very fortunate to be able to take courses at a university and accomplish someday receiving my BA Degree. I am learning very much about the world and many other things, which help me in every day life. I did not realize how unprepared I was for the work world, as well as being blinded by being so uneducated about our world which I live in. I could use it for living expenses, as to pay my monthly rent, food and bills, as well as tuition. I thank you very much for your time and consideration, and if there is anything else that I should need to summit, please let me know.
Best regards,
Debbie Colburn
@Debbie- If you are looking for a Stafford loan, you will need to submit the FAFSA. You can do so at FAFSAOnline.com.
i also want to win the loan so i can use the money to continue my education.
I WANT TO WIN THE $10,000
Can an international or other students get this loan prior enrollment?
@Feyijinmi- Unfortunately, only US citizens or eligible non-citizens can apply for federal aid through the US. To view a list of eligible non-citizen requirements, visit http://studentaid.ed.gov/PORTALSWebApp/students/english/Glossary.jsp#elegiblenoncitizen
I would like to learn more