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Stafford Loan Overview
Stafford Loan Interest Rates and Benefits
Offering the best rates of any student loan program, the Stafford Loan is one of the most affordable loans available. Federal Stafford Loans are government-secured loans available to undergraduate and graduate students at very low rates. There is no collateral or credit check required, and payments are delayed until you graduate or cease being enrolled at least half-time based on your institution's definition.
- Low, fixed 6.8% interest rate*
- No collateral or credit checks
- Pay nothing while you're in school
- Eligible for federal loan consolidation
- Tax deductible
- Flexible repayment options available
- No guarantee fees or prepayment penalties
Stafford Loan Interest Rate Comparison Chart
| Year | Subsidized Stafford | Unsubsidized Stafford |
|---|---|---|
| 2007-08 | 6.80% | 6.80% |
| 2008-09 | 6.00% | 6.80% |
| 2009-10 | 5.60% | 6.80% |
| 2010-11 | 4.50% | 6.80% |
| 2011-12 | 3.40% | 6.80% |
| 2012-13 | 6.80% | 6.80% |
What are you waiting for? Apply for a Stafford Loan now.
Basic Stafford Loan Requirements
- You must have submitted a FAFSA.
- For Subsidized Stafford Loans, you must have financial need as determined by your school.
- You must be a U.S. citizen, permanent resident, or eligible non-citizen.
- You must be enrolled at least half-time.
- You must not be in default, on any education loan or owe a refund on an education grant.
If you don't meet these requirements, you want to look a private student loan program.
Remember to
- Print and sign the master promissory note!
- Keep a copy for your records!
- Mail the application to the address specified in the online application!
- File a FAFSA and Stafford Loan application every year!
Get Alternative Student Loans - Act Education Loans
If your federal student aid report indicates that you do not meet the requirements for federal funding, or it falls short of what you need, consider applying for a private student loan. More info can be found at AlternativeStudentLoan.com.
Federal Stafford Loans always have the best rates, terms and benefits
The interest rates on federally Subsidized Stafford Loans offer the best rates. The loans are guaranteed by the U.S. government and therefore lenders can offer the loans to students with very low risk. Because of this lower level of risk, student's rates are also better.
The Stafford Loans can also be deferred while the student is in school. Borrower benefit programs are available allowing you to lower your rates during repayment.
*Interest rates on Federal Stafford Subsidized and Unsubsidized Loans are fixed for the life of the loan.
