Stafford Loan Program

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In Part 1 of the Stafford Loan Program, we covered everything you needed to know about Stafford Loans. In Part 2, we’ll cover the qualifications and the steps to completing the Stafford Loan Process.

Qualifications You Must Meet In Order To Apply for a Stafford Loan:

* You must have submitted a FAFSA

* For subsidized Stafford Loans, you must have financial need as determined by your school

* You must be a U.S. citizen, permanent resident, or eligible non-citizen

* You must be enrolled at least half time

* You must not be in default on any education loan or owe a refund on an education grant

Steps for Completing the Stafford Loan Process:

File a FAFSA

The FAFSA is the first step and most important part towards acquiring a Stafford Loan; you can't get a loan without filing a FAFSA. No FAFSA and no Stafford Loan. Did we mention that there’s no cost or fees associated with filing a FAFSA? (FAFSA) stands for Free Application for Federal Student Aid. If anyone attempts to charge you for filing a FAFSA, it’s a SCAM!

Hot Tip: You can file your FAFSA electronically at the FAFSA website. Be sure to include the school's FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school's financial aid office.

Hot Tip: The earlier you file your FAFSA; the more likely you are to obtain the full amount of financial aid for which you are eligible!

Receive and Read Your Student Aid Report and Award Letter

Three to four weeks after filing your FAFSA, you'll receive in the mail, a copy of your (SAR) Student Aid Report. A copy will have been sent to the school(s) of your choice. Approximately one to two weeks after you receive your copy of the SAR, look for a financial aid award letter from your school detailing how much aid you are eligible for and in what form that aid will take. You will need to indicate which financial aid you will accept (i.e., work study, loans, etc.) and return that information to your school's financial aid office.

Hot Tip: Returning the award letter for acceptances does not complete the Stafford Loan process; you must fill out a master promissory note.

Apply for The Federal Stafford Loan

Once you have received and returned your award letter, if you have been awarded the Stafford Loan, you can apply online. This online application will allow you to retrieve a promissory note which you will need to sign and return to your school for certification.

Hot Tip: Most schools walk you through the process of how to file and complete your Stafford Loan paperwork.

Hot Tip: If you’re not eligible for government student loans or you need additional funds to cover your tuition and expenses, you can seek alternative student loans, such as the Private Student Loan.

Stafford Loan Information: Part 1 | Part 2