Stafford Loans

Almost Anyone Can Qualify for Stafford Loans

By by Jeff Mictabor

Did you know that basically everyone can get an unsubsidized federal Stafford loan? Most people are more familiar with the low-interest subsidized version that is need-based. Stafford loans have lower interest rates than many other options - currently 6.8 percent - and do not have to be repaid until a student is out of college, so it is a great way to pay for school. according to Phoenix-based NextStudent, a premier education funding company. For all federal Stafford loans, the government has set the cap on the loan at 8.25 percent, guaranteed by law.

In a nutshell, the subsidized Stafford loan is need-based, while the unsubsidized is not. What this means is that with the unsubsidized loan students are responsible for the interest. If a student qualifies for the subsidized version, the government will pick up the tab on the interest while the student remains in school (and during the grace period as well). If a student chooses to defer a loan, the government will cover it for this period, too.

Gain Peace of Mind with Easy Consolidation Repayment Options

After graduation students have a six-month grace period to start repayment. During that time, students may decide to consolidate. Good news: All Stafford student loans, whether government subsidized or not, qualify for NextStudent's Federal Student Loan Consolidation Program. This means lower monthly payments and fewer headaches when managing the repayment process because there only will be one fixed-rate loan with a single payment due date.

There is no easier, low-cost way to get to college. Through Stafford Student Loan Programs, student borrowers are offered the best way to get their loans and get to and through college.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple.

Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.