Stafford Loan Benefits
The top three benefits available to Stafford Loan borrowers are:
- No payments until after graduation
- Fixed rate as low as 6%
- Easy online application process
There is a mandate in effect to continuously reduce and eventually eliminate the origination fees that lenders are currently authorized to charge. This applies to only Stafford Loan borrowers at this time. The maximum fee a lender will charge is 1.5% on any Stafford loans disbursed from July 1, 2007 until June 30, 2008. On July 1, 2008 it will drop to 1%, then to .5% on July 1, 2009 and, therefore, be eliminated as of July 1, 2010.
