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Do I Need a Stafford Loan?
from:College can cost more than most parents prepare for. The cost of
college has been steadily on the rise for many years. Most
experts agree that college costs will continue to increase
unless something drastic happens. Historically, college expenses
and tuition has risen about seven percent a year and it is
expected to continue to do so. This has many people turning to
student loans for help. One type of loan, which we will discuss
here, is called a Stafford Loan.
Stafford Loans are student loans configured in a way that allows
you to defer your payments until after you graduate. There are
multiple payment plans to choose from and the interest rates are
considerably lower than other types of loans.
When trying to qualify for a Stafford Loan, your income will be
considered. In addition, the number of people in your family,
other children enrolled in college, your assets and your
retirement accounts will also be taken into consideration. All
of these things will be put into a formula which will estimate
the amount that your family will be able to financially
contribute to college. Once that amount is determined, the
Stafford Loan amount will be calculated based on the outcome.
To start the process, you need to fill out a Free Application
for Federal Student Aid (FAFSA) form. You can get a hard copy
from your school or fill this application out online. The FAFSA
application can be filled out by either the parents or the
student. You will need to fill it out every year that you would
like to receive financial aid. The FAFSA application will
determine how much financial aid you are qualified to receive
from the government and from the school that you will be
attending.
After the form is examined, you will receive a Student Aid
Report (SAR) in the mail. The SAR will explain your eligibility
based on all of the information that you provided. If you find
no mistakes on the SAR, then all of the information will be sent
to the school or schools that you selected on the FAFSA
application. This form is called the ISIR. The ISIR is not only
sent to the schools of your choice, but also to the state
government organization responsible for determining any
financial aid amounts that you may qualify for from your state.
Next, you will receive financial aid award letters from the
schools detailing financial aid amounts that you are eligible
for and how you can go about collecting the money. You must fill
out the acceptance portion of the award letter and return it to
the school that you wish to attend.
You do not necessarily need to be a low-income family to receive
a Stafford Loan. Many other expenses are taken into
consideration. It is generally accepted that the Stafford Loan
is the first loan that you should apply for before exploring the
options of other parent or student loans. Discover more about
Stafford Loans, other student loans, private student loans and parent loans at www.student-loans.net.
About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loan and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.
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