The average student receives several thousand dollars each school year. Stafford Loans are available through many different lending institutions and are fully insured by both state and federal governments.
TIP…Did you know you may take a tax deduction for educational expenses, such as tuition, if schooling is necessary for you to keep your current job or if it is required in order to retain your current rate of pay?
- Stafford Loans (subsidized and unsubsidized) must be repaid
- Lenders: Banks, credit unions, savings and loans, loan associations, schools, and, through the Direct Loan program, the U.S. Department of Education
- Insured by lender and re-insured by the state and/or federal government
- Interest rates change regularly.
- Deadlines: Apply as soon after January 1 as possible
How Do I Determine My Eligibility?
- You must be enrolled at least half-time in a participating school
- You must be a U.S. citizen or eligible non-citizen
- Unsubsidized Stafford Loans are issued regardless of income; students are able to borrow money whether they have financial need or not
- Students studying overseas are also eligible as long as they are earning credit from their state institution
How Much Can I Get?
The following figures represent the maximum amount of money that anyone can receive annually through the subsidized Stafford Loan program, if no other aid is being given (amounts change periodically):