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Can I receive a Stafford Loan if I have bad credit/declared bankruptcy/have late payments on credit cards?
Stafford Loan Benefits:
-
Fixed interest rate - as low as 5.6%
- No payments while in school at least half-time
Yes. The Stafford Loan is not a credit-based loan, which means your credit history is not checked when you apply for a Stafford loan. Eligibility for the Stafford loan is based only on your financial need, which is determined when you file a FAFSA.
Note: If you are currently defaulted on any federal student loans, including Stafford Subsidized, Unsubsidized, Perkins or Parent PLUS Loans, you may not be eligible to receive any form of federal financial aid. Contact the U.S. Department of Education for more information on rehabilitating your delinquent or defaulted education loans.
Check out our financial aid forum to post questions and engage in conversation with peers and industry leading financial aid experts.
Stafford Loan Frequently Asked Questions
- Am I eligible for a Stafford Loan?
- How do I apply for a Stafford Loan?
- Are there Stafford Loan deadlines?
- What's the difference between unsubsidized and subsidized loans?
- When do I receive the Stafford Loan funds?
- What are the Stafford Loan interest rates?
- How much can I borrow under a Stafford Loan?
- What is EFC and how is it calculated?
- What can I use a Stafford Loan for?
- Are there specific schools that accept Stafford Loans?
- Why did I receive less than what I thought I would receive in Stafford Loan funds?
- Do I have to apply for a Stafford Loan every academic year?
- Can I receive a Stafford Loan if I have bad credit/declared bankruptcy/have late payments on credit cards?
- How can I bridge the financial gap between the total cost of education (including room and board, fees, books) and the amount of financial aid I was awarded?
- Will I pay any fees for a Stafford Loan?
- What are the repayment options for a Stafford Loan?
- What are the penalties for early payment or if the loan is paid in full before scheduled (deferred) payments begin?
- What are the Stafford Loan cancellation policies?
