What are the Stafford Loan cancellation policies?

Federal Stafford Loan

  • Fixed interest rate of 6.8%
  • Zero fees (you save 2%)
  • No credit check is required
Apply for the Stafford loan

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.

Learn more about the Parent PLUS Loan

Your school must notify you in writing whenever your account is credited with your loan proceeds. This notification must be sent to you no earlier than 30 days before and no later than 30 days after the school credits your account. You may cancel all or a portion of your loan if you inform your school within 14 days after the date that your school sends you this notice or by the first day of the payment period, whichever is later. Your school can tell you the first day of your payment period.

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Stafford Loan Frequently Asked Questions