Can I Get A Graduate Stafford Loan

Q: Can anyone get a graduate Stafford loan for college, or do only certain people qualify for this type of loan?

A: There are two different kinds of Federal Graduate Stafford loans, one that is based on financial need and one thats not. To start the process of obtaining a Graduate Stafford loan, students will first need to file FAFSA. Once you have completed and submitted the FAFSA, you will shortly receive a Student Aid Report, outlining what Federal grant and Federal student loan programs you are eligible for, and at what amounts.

Federal Graduate Stafford loans are fixed-rate student loans for graduate students attending a college or university at least part-time. Typically, Stafford loans are the most common and low cost way to fund a college education. Federal Graduate Stafford loans come in two different types, the subsidized Stafford Loan and the unsubsidized Stafford Loan. Subsidized Federal Graduate Stafford loans are based on financial need. Borrowers will not be charged interest before they begin repayment or during periods of deferment. The US federal government will “subsidize” or pay for the interest during these times.

Unsubsidized Federal Graduate Stafford loans are not based on financial need. Any eligible graduate student can take out unsubsidized Federal Graduate Stafford loans. For unsubsidized Federal Graduate Stafford loans borrowers will be charged interest from the time the loan is disbursed, to the time the loan is repaid in full. Graduate Students, can also consider the Grad PLUS Student Loan, if they did not receive enough money to cover their expenses from Federal student loan and grant programs. The the Grad PLUS Loan, is a federally backed loan, however, the borrower will need to pass a credit check to be eligible.