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?
Federal Stafford Loan
- Fixed interest rate of 6.8%
- Zero fees (you save 2%)
- No credit check is required
Federal PLUS Loan
For parents or guardians of undergraduate students. A low interest rate of 8.25% and a viable alternative if you have been declined for, or choose not to take a private student loan.
There are four main options available to students and families:
- Contributions from Savings. A family might consider using savings or investments to meet educational costs. Families with assets that can be liquidated for educational expenses generally have less reliance on financial aid and pay less in fees and interest expenses.
- Contributions from Income. Some families might be able to meet educational expenses by allocating funds from their current budget. This option requires a family to closely analyze their income and expenses and determine an amount that they can pay on an ongoing basis. Adjustments may have to be made to existing household expenses to afford an amount to allocate from income.
- Tuition Payment Plans: If the school participates in a tuition payment plan, a family can pay the remaining tuition balance in monthly installments which can range from a nine to twelve month period of time.
- Alternative (Private) Student Loans. Consider alternative loans as a means to meet educational costs not covered by federal aid. For more information, read our page on alternative student loans.
Do you have a question that hasn't been answered? Contact us and we'll be glad to help you.
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?
