A Stafford loan is a type of federal, fixed-rate student loan available to college and university undergraduate, graduate, and professional students … There are two kinds of federal Stafford Loans: Subsidized and Unsubsidized Loans. Stafford Loan is a type of federal, fixed-rate student loan. It is the parent′s responsibility to repay the loan. Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common type of student loans with 32.8 million recipients borrowing a total of $705.3 billion in 2017.. If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. Parents can borrow up to the cost of the education, minus any financial aid the student is eligible to receive. Another $4,000 - $5,000 may be added if the student is deemed independent. iTHINK Financial does not provide, and is not responsible for, the product, service, overall website content, security, or privacy policies on any external third-party sites. Subsidized Stafford Loan As either a dependent or independent student, you may qualify for this need-based, low-interest loan. Taking on student loan debt can be stressful and scary, but if you must borrow to pay for college, Stafford loans are the best available way for you to do so. Delray West Atlantic (Delray Beach FL) Branch, Military Trail (West Palm Beach FL) Branch, Hutchinson Island (Fort Pierce FL) Branch, St. Lucie West (Port St. Lucie FL) Branch. These Federal Student Loans are for students and for students’ parents. Federal Direct Stafford Loans . Note that details provided on this page reference older loans made under the Federal Family Education Loan Program (FFELP). Both subsidized and unsubsidized Stafford loans require the completion of the Free Application for Federal Student Aid (FAFSA). A student must submit a completed FAFSA to Samford in order to access funding through a Stafford Loan. Great Lakes Educational Loan Services, Inc. 2401 International Lane Madison, WI 53704 Toll-free: (800) 236-4300 Great Lakes is a Servicer to Federal Student Aid. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by Federal Student Aid, an office of the Department of Education. Many students receive multiple small loans per semester, which can be a mixture of federal student loans—such as Perkins, Stafford, and PLUS—and private student loans. Meanwhile, the interest on an unsubsidized Stafford loan will be paid by the student and is added to the loan balance. Support the iTHINK Community Foundation by selecting it as your charity and shopping through AmazonSmile. Qualifications for a Stafford Loan The first step towards qualifying for a Federal Direct Stafford Loan is to fill out and submit the Free Application for Federal Student Aid , … The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees repayment to the lender if a student defaults. The Stafford Loan currently provides more aid dollars than any other individual government educational aid program. All Stafford loans for graduate and professional program students are Unsubsidized. Each is offered through the William D. Ford Direct Loan Program. Since 1969, our Credit Union has been built on “people helping people.” We value your Membership and look forward to meeting all your financial needs. According to the U.S. … Stafford Loans are Direct Subsidized and Unsubsidized Federal student loans that most U.S. students can use to pay for qualified educational programs. Federal student loan interest rates reset for new loans on July 1 each year. As a result, Federal Stafford Loans are often called Direct Loans. You can visit StudentAid.gov to see a list of our trusted federal student loan servicers, all of which are fully vetted. You may want to contact your school Financial Aid Office for additional guidance. Subsidized: A subsidized loan is a need-based loan.The federal government pays the interest on the loan when you are: 1) attending school at least half time [6 units]; 2) qualifying for an authorized deferment. Anyone can qualify for an Unsubsidized Stafford loan. And it’s available to college and university undergraduate. All Stafford loans are through the Department of Education, which means there are no private banks involved. New to Great Lakes? Stafford loans are now referred to as direct subsidized loans or direct unsubsidized loans . As an example, undergraduate students who took out loans for the 2019-2020 school year received a 4.53% interest rate. Repayment of Stafford Loans. The federal student loan limits are lower for subsidized Stafford student loans. If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. Financial need is not a requirement to obtain an Unsubsidized Stafford Loan. Keep in mind that: Stafford loan rates tend to be lower than rates associated with other types of loans. All new federal student loans come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). Unsubsidized Stafford Loan: Unsubsidized Stafford Loans are for undergraduate, graduate and professional degree students. The government pays the interest on the Subsidized Stafford loan as long as the student is enrolled in school on at least a half-time basis. Great Lakes Educational Loan Services NMLS ID# 218642, how Federal Student Aid partners with loan servicers, list of our trusted federal student loan servicers. All new federal student loans come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). The average student receives several thousand dollars each school year. Unlike a Subsidized Stafford loan, the government does not pay interest while you′re in school, but you can defer interest payments until after college. Federal student loans for college or career school are an investment in your future. Sign up for account access and start managing your student loans now! Complete an education course this January and you could win one of three $100 Visa gift cards.*. While your school financial aid office may be able to help you find some basic facts and figures, there are other effective ways to find out your total student loan balance. Those attending college at least half-time. Note that details provided on this page reference older loans made under the Federal Family Education Loan Program (FFELP). These loans are backed by the U.S. government, so if a student defaults, the … To receive a subsidized Stafford loan, you must be able to demonstrate financial need. Find out how Federal Student Aid partners with loan servicers to be here when you need help. Also, these loans are called direct loans. Direct Loans (along with interest rates and fees) will be included in your award package. Direct Stafford Loans are offered by the US Department of Education. If you click "Continue", an external website that is owned and operated by a third-party will be opened in a new browser window. Nearly all students are eligible to receive some type of loan. Pay confidently on the go when you use your iTHINK Financial Visa® cards with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, or Garmin Pay. Furthermore, it’s available to graduate, and professional students. Summary: Direct Stafford Loans, sometimes called Stafford Loans, are federal student loans available to undergraduate and graduate students.Students in undergraduate programs receive a 2.75% interest rate. Student Loans. You have a network of support to help you succeed with your federal student loan repayment. By providing us with your feedback through MX surveys, we can make improvements where needed and ensure that you are treated the way you deserve to be treated, like our most valuable asset! It is important to note, though, that private student loans will typically carry interest rates that are much higher than what is offered on federal student loans. These sites may not be conformant with current ADA requirements. Unsubsidized Stafford loans add the accrued interest to the loan balance, increasing the size and ultimate cost of the loan. Stafford loans are the single largest source of federal financial assistance for students pursuing postsecondary education. Stafford loans, also known as Federal Family Education Loans (FFEL), are federal student loans available to college students. A Stafford student loan is a government-issued loan meant to pay for college tuition and student living expenses.Granted to qualifying students at American universities, the Stafford student loan can help defray the cost of college, at least until graduation. The Stafford annual loan limit for a student enrolled in a graduate or professional program of study is $20,500.00. FAFSA results will determine a student’s dependency status. To qualify for a Stafford Loan, you must fill out the Free Application for Federal Student Aid (FAFSA). Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. Stafford loan is a type of federal, fixed-rate student loan available to college and university undergraduate, graduate, and professional students attending college at least half-time. In 1988, Congress renamed the Federal Guaranteed Student Loan program the Robert T. Stafford Student Loan program, in honor of U.S. They are available to undergraduate, graduate and professional students enrolled at least half-time in school. Interested in learning about scholarships and grants? You must be enrolled as at least a *half-time student to be eligible. A Stafford Loan was a student loan offered from the United States Department of Education to eligible students enrolled in accredited American institutions of higher education to help finance their education. You may want to contact your school Financial Aid Office for additional guidance. If you have federal student loans, there is a good chance that some of them are Direct Stafford Loans — the most common type of federal student loans. Types of Federal Loans Federal Direct Subsidized Stafford Loan. You must qualify for financial aid to receive a Subsidized Stafford loan. What is Stafford Loan? Stafford Loan Application The Stafford Loan is a low interest federal student loan that helps students and pay for the cost of college. There are two types of Stafford loans: subsidized and unsubsidized. If you click "Cancel" you will be returned to our Website. Please note that with the passage of the Student Aid and Fiscal Responsibility Act, all new federal student loans and federal student loan consolidations are provided to borrowers directly by the U.S. Department of Education. Stafford Loans, as guaranteed by the Federal government, remain one of the safest, most beneficial and lowest impact student loans available. Consider the benefits of Stafford loans. A Stafford Loan is a federal student loan offered to eligible students enrolled in an accredited Title IV Post Secondary Institution to help finance their education. Cancellation/Discharge of Stafford Loans. A PLUS Loan is a loan made to the parents and does require a credit check. If you have any questions, please. Beyond Stafford/Direct Loans, borrowers who need additional funding to afford their college education may need to turn to private student loans. Learn more about your tax statement here. After researching Scholarships and Grants, you should consider loans that are low-rate and flexible. Stafford loan amounts range from $5,500 per year for freshmen to $7,500 per year for seniors. They're designed to supplement scholarships, grants, work-study jobs and family resources to help meet the cost of tuition, fees, room and board. You also will be eligible to borrow through subsidized loans for only 150% of the length of your degree program. A 1.057% origination fee is deducted from the loan amount before the funds are sent to the school. Stafford Loans are available through many different lending institutions and … Find out how Federal Student Aid partners with loan servicers to be here when you need help. The PLUS Loan (formerly called the “Parent PLUS Loan”) is for credit-worthy parents of dependent students. The new iTHINK Financial Wellness Center is your go-to financial education resource. Therefore, students can borrow only as much as $5,500 a year — and up to $23,500 total — through this type of loan. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A Federal Stafford Loan is a student loan issued by the Department of Education. The government pays the interest while you′re in school and for six months afterward. 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