Stafford Loan Program
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
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 Program Part 1
| Stafford Loan Program Part 2
Brad Matheson is a professional Financial Consultant who specializes in helping businesses and individuals
resolve their debt issues. He believes that all debt problems can be solved with the right debt advice and aspires
to help Americans learn all of their debt options and exercise all of their rights. Says, Matheson, “Don't allow
the Student Loan Debt crisis or a Defaulted Student Loan to hinder or block
your career aspirations or stymie your financial dreams, There is Student Loan