How do I apply for a Federal Stafford Loan?
Learn About Stafford
- Fixed interest rate - as low as 4.66%
- No payments while in school at least half-time
Borrowers must file the Free Application for Federal Student Aid (FAFSA) before they can obtain Federal Stafford loans.
How to Apply, Step by Step
- Complete the FAFSA or Renewal FAFSA (for returning students). These forms may be filed at www.fafsa.ed.gov.
- Receive a financial aid award letter by mail or email. This letter will summarize the financial aid available to the student, including the Federal Stafford loan.
- Contact your financial aid office to accept the financial aid and student loans.
- Sign any associated paperwork such as the Master Promissory Note (MPN)
- Once these steps are complete, the college will disburse the funds to the student's account (usually once per academic term, with no disbursement equal to more than half the funds).
- After the funds are applied to tuition and fees (and room and board, if the student is living in college housing), any remaining money will be refunded to the student.
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?
- 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?
- 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?