Stafford Loan consolidation

Stafford Loan is a service of the student loan network- your online guide to Federal Stafford, PLUS Loans, student credit and private alternative student loans. The Stafford/Direct and PLUS Loan programs are by far the largest of all the aid programs, making up over 55% of the total $90 billion annual aid portfolio.

Stafford loans are some of the most affordable loans available to students and families, with interest rates lower than most other forms of financing and deferred payments (principal and interest) until after graduation.

These loans can also be consolidated after graduation, making them even more affordable. A Stafford Loan, which can help to finance your way through a college or university, comes in two forms: a). Subsidized Stafford Loans b). Unsubsidized Stafford Loans.

A subsidized Stafford loan is all about financial need. Subsidized Stafford Loans are awarded to students with demonstrated financial need. While students are in school, the interest is paid on subsidized Stafford Loans, and payment is deferred (delayed) until after graduation. Once out of school, though, the student assumes responsibility for the loan, including interest.

With an unsubsidized Stafford Loan, you’re responsible for the interest from the time funds are disbursed. This loan is not based on financial need; in fact, virtually every student is eligible for an unsubsidized Stafford Loan.

Although interest starts to accrue immediately, you can delay repayment until after graduation. The FAFSA is the first and most important step towards getting a Stafford Loan; you can't get a loan without filing yours, and it's free. You can file your FAFSA at FAFSAonline.com and also save time by filing electronically. Do keep in mind; the earlier you file your FAFSA, the more likely it is that you will be awarded financial aid for which you are eligible! Stafford Loan funds are usually disbursed at the beginning of each semester.

Funds for tuition and fees are paid direction to your school, and funds for living expenses and other costs are typically distributed in the form of a check or deposit to your bank. If you are a first-time freshmen borrower, your loan proceeds cannot be released until thirty days after the first day of classes. This only applies to the first disbursement for new, beginning freshmen for their Stafford Loan (not Parent Loans).

Other student and parent borrowers will receive their loan proceeds in equal installments at the start of each academic term. Loan fees (origination and insurance fees) will be automatically deducted from each disbursement. Stafford loans consolidations can help you to combine the two types of loans after college into one low monthly payment that makes it easier and quicker for you to pay off your college loans.

In the end, this will allow you to save time, money, and frustration that come with paying off loans over long periods of time. You have the ability to find a loan consolidation company, who will then work with you to take all of your Stafford loans; both subsidized and unsubsidized, and place them into one central loan that can then be paid off over time.

However, if Stafford Loans are not enough to pay for school, your parents (if you’re a dependent student) may be able to borrow under the Federal Parent Loan for Undergraduate Students (PLUS) program. With this loan, parents can borrow up to the total cost of education at your school; less any other aid you are awarded.

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