An Introduction To The Basics Of The Stafford learner Loan

Student Loans Basics - An Introduction To The Basics Of The Stafford learner Loan

Back in 1965 Congress launched the Federal house instruction Loan program (Ffelp) to give financial assistance to students. One element of this program is Stafford loans which were initially designed to help only those students in very real financial need but which now make up over 90% of all Federal Government instruction loans.

Student Loans Basics

Over time Stafford loans have altered with changing conditions and today there are two main forms of the loan - subsidized and unsubsidized.

In the case of subsidized loans the Government accepts accountability for the payment of interest accruing on a loan from the date on which the loan is issued until the date on which the learner has to start repaying the loan. Usually a learner does not have to make repayments as long as he is enrolled on a program of study that is classed as being a 'half-time' or greater program and for a grace period of up to six months after the end of his course. A learner can however begin to make payments at an earlier point if he wishes to do so.

Since the interest is subsidized, loans are Usually granted only on the basis of need and officials will look at both a student's and his family's income when determining either or not the learner qualifies for a subsidized Stafford loan. Students have to fill out a Free Application for Federal learner Aid (Fafsa) application form that includes details of income and each learner will then be given a number called the foreseen, house offering (Efc) calculated from the income figures provided.

About two-thirds of all subsidized Stafford loans are granted to students whose parents have an Adjusted Gross income of less than ,000 a year. Other one-quarter are provided to families in the -100,000 a year bracket. At this point however the meaning of 'need' becomes somewhat blurred and slightly under one-tenth of subsidized loans are provided to students with a combined house income of greater than 0,000.

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