Stafford loan comes under the federal direct student loan category
Stafford loan comes under the federal direct student loan category and subsidized Stafford loan is one of it's types. This article would discuss in detail about the subsidized Stafford loan program, about it's eligibility, terms, conditions, interest rate charges and other features applicable. Subsidized Stafford loans are available only for undergraduate students. Graduate students would not be able to obtain the loan.
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Subsidized Stafford loans are eligible only for those who are going to pursue their undergraduate studies. Applicants should either be a US citizen or an eligible non-US citizen under the rules defined by the lender. Another restriction here is that the borrower should be enrolled in a study program that has a reasonable time frame. Thos who fall below the half enrollment period would not be able to obtain the loan and even those who have obtained the loan would be forced to repay the loans for bad credit immediately.
Undergraduate students would be able to obtain a loan amount of $23,000 for the entire course period. This loan amount would be dispersed in forms of parts over the entire course period of the education. Every year, borrowers would receive a fixed loan amount for their tuition fees and the dispersion would be as follows.
In the first year, students would receive a loan amount of $3,500. In the second year, they would receive a loan amount of $4,500 and from the next year onwards for the successive years of education, borrowers would receive a loan amount of $5,500. On the whole, they would be eligible for obtaining a loan amount of $23,000 as mentioned earlier.
Repayment period would get initiated after six months from the time of graduation. If the student falls below the half time enrollment of the study period, then the repayment period would get initiated immediately. This is to make sure that the lender is secure and they would receive the loan amount as soon as possible. It is the responsibility of the student to pay the loan amount back. Students can apply for a deferment period or a grace period. This would be accepted by the lender if the borrower has a genuine reason.
There is an option that allows borrowers to apply for a postponement in the repayment period through forbearance. Although this is an option for those who are facing tough times, they should also know that interest rate would be charged on the loan amount during this period and they would have to pay it back at some point of time. Prepayment penalties are not charged on this type of loan.
During the schooling, the interest rate charged on the loan would be paid directly by the government and so the person need not worry about that. Interest rates charged on a subsidized Stafford loan are subjected to change without notice. Thus, it is advised to get the details in person from the schools financial aid officer or from government authorized loan entered established in their respective states.
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Posted in Business Service Post Date 01/31/2017