The Stafford Student Loan Program: How to Get a Student Loan

The Stafford Student Loan Program: How to Get a Student Loan

Looking to use the Stafford student loan program to help you go to college? It's a great help for some students. Take a look at how to qualify and get one of these loans to help you get through school and finish your degree.
Plus, you'll find some ideas at the end in case you don't quite qualify for this loan program. Also, you'll learn where to go for more information on the whole subject of financial aid.

What is a Stafford Loan? The Stafford student loan program is a federal government aid. The program offers government guaranteed student loans to students who need help with money.

You can borrow varying amounts, with the program allowing you to borrow more at certain points along the way. As a graduate student you can borrow the most, of course.

These loans can come directly from the education department, or from a bank that participates in the program. Make sure you know what you are getting.

In some cases, if you don't qualify, you may receive an offer from a bank that looks like the same thing, but is really a private student loan. These have higher interest and other requirements. They have their place and can help you finish school, but you need to understand what you are signing.

How do You Qualify for the Stafford Student Loan Program? Have you heard of the FAFSA? It stands for Free Application for Federal Student Aid. You'll need to fill one out to get a government backed loan like this.

That's not such bad news, though. Once you fill out a FAFSA, you can also qualify for the Pell Grant program, which could really help. Some federal scholarships also require it, along with some additional paperwork.

Your FAFSA will show how much you need to go to college, and how much your family has to send you. Then, you get compared to everybody else who needs help. The program evaluates your application and sends you a notice of how much financial aid you'll receive.

The notice will tell you how much money in loans and how much in grants. The grants are easy: you just pick up a check. The loans require you to fill out a promissory note and wait a bit. Still not too hard.

If You Don't Qualify or Need More What if you don't qualify or need more aid? You might want to consider those private loans. But be careful. You don't want to graduate with tons of debt and no life.

You can also apply for scholarships. Apply for as many as you can that you are qualified for, and see if you win some. If you are qualified, you can win some of these. Keep applying and learn how to submit the best application you can.

Another tip: If you have a good job, check with your company to see if you can get tuition assistance. In tough times, this program may get cut to save money, but many companies still have it. Tuition assistance can really take the sting out of going back to school.