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Do I have to apply for a Stafford Loan every academic year?
Stafford Loan Benefits:
-
Fixed interest rate - as low as 5.6%
- No payments while in school at least half-time
Yes. You must apply each school year if you want to keep receiving Stafford loan funds. To reapply for the loan you must first renew your FAFSA. The FAFSA determines your financial need, and allows your school to determine how much you are eligible to receive in the Stafford Loan for that particular school year. Financial need can vary year to year, which is why you need to renew the paperwork.
Renewing your FAFSA is not the same as applying for a Stafford Loan. The Stafford loan is an additional application that can be filled out after you are finished with your FAFSA renewal.
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?
