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
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.
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.
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?
