About our partner:

Sallie Mae's 1-2-3 Approach to Paying for College

With Sallie Mae's 1-2-3 Approach to Paying for College, we encourage students and families to tap the most affordable education funds first and minimize education loan debt upon graduation.

Step 1.

Use Free Money First. Students should fill out the FAFSA to access need-based grants and research and apply for scholarships. Students should consider supplementing grants and scholarships with current income and college savings.
Step 2.

Explore Federal Loans. Available to both students and parents regardless of need, federal loans offer low, fixed interest rates and flexible repayment options.
Step 3.

Fill Any Gap with Private Student Loans. After students have pursued free money and federal loans, private student loans may be available to cover the rest of their education costs.

Federal Stafford Loan Info

A simple interest, government guaranteed, no collateral loan. Students may borrow while in school and begin repayment six months after leaving school or graduating. It is important to note the Stafford loan process takes patience. The FAFSA must be filled out first.

The Federal Stafford Loan:

Federal Stafford Loans are affordable, low interest, government guaranteed loans designed for undergraduate and graduate students. Depending on your level of financial aid need, your financial aid award letter will clarify your eligibility. Types of Stafford Loans:

Subsidized : The government pays the interest that accrues on the loan while you are enrolled, during your six-month grace period, and during deferment.

Unsubsidized : You are responsible to pay the interest that accrues prior to and during repayment. Interest rates vary: (your interest rate is fixed and will not increase)

To receive more info about the online Stafford Loan application, enter your email address below. Your email is not sold or shared. Serious students/parents only.

STAFFORD LOANS explained

STAFFORD LOAN PROGRAM benefits:

Low, variable interest rates*
Deferred interest on Unsubsidized Stafford Loans during half-time enrollment
Make no payments until six months after you graduate or drop below half-time

Grace Period

Stafford loans allow you to receive a six-month grace period the date you graduate or drop below half-time. During these six months you may begin repayment but are not required to do so.

Repayment Plans

Standard Payment Plan

You pay the same amount each month for up to 10 years towards the principal and interest of the loan. The minimum payment amount is at least $50 each month.

Graduated Payment Plan

You begin repaying your loan with a lower payment and increase that amount after two to four years. The minimum payment amount is at least $50 each month.

Income-Sensitive Payment Plan

You may repay your loan based on your gross monthly income. You must show income documentation annually and additional documentation may be required.

Extended Payment Plan

You may take up to 25 years to repay your loan if you received your first loan after October 7, 1998 and your combined loans totals $30,000 or more.

Disbursements

Once you have completed your application, your financial aid office will determine your scheduled payments for the academic year. Your check will go to the school who will then ask you to pick the check up from their office, endorse it to the school or they may deposit it directly to your bank account, depending on your individual circumstances.

To receive info about the online Stafford Loan application, enter your email address below and submit. Your email is not sold or shared. Serious students/parents only.