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Stafford Loans can be either:

Subsidized Federal Stafford Loans: The Federal Government makes interest payments under this program for qualifying students while they attend school. Qualifying criteria include demonstrated financial need, maintaining satisfactory academic progress and attending school at least half-time.

Unsubsidized Federal Stafford Loans: This loan does not include interest payments by the federal government while you are in school. You will be required to pay the interest on an unsubsidized loan, including the amount that accrues while you are in school.

Loan Eligibility Requirements

• Be enrolled in a school participating in the Federal Family Education Loan (FFEL) program
• Be a U.S. citizen or an eligible non-citizen with a valid Social Security number.
• Attend an eligible school at least half-time and make satisfactory academic progress.
• Not be in default on any education loans.

This is only a partial list of Stafford loan requirements.

Disbursements
As a general rule, loan disbursements will be sent to the school. The loan funds will first be used to pay for tuition, fees, room and board, and other education expenses. Any remaining loan funds will be refunded to the parent/borrower. Funds must be used for education expenses.

Repaying Your Student Loan
When borrowers enter repayment, they take on the responsibility of repaying the loans that helped pay for their education. Timely repayment helps establish positive credit records that can help when applying for a car or home loan. Inconsistent repayment can damage credit records and may make it difficult and more costly to secure financing for important purchases.

The following loan plans and options make Stafford Loan repayment easier:

· Standard repayment: With the standard repayment plan, borrowers make the same payment every month for the entire term of the loan.

· Income-sensitive repayment: The income-sensitive repayment plan adjusts borrowers' monthly payments annually based on income.

· Graduated repayment: The graduated repayment plan initially gives borrowers lower payments, then gradually increases the payment amount over the repayment period.

· Extended repayment: Stafford borrowers with no outstanding FFELP loans disbursed prior to October 7, 1998, are eligible for extended repayment if they accumulate a FFELP loan debt of more than $30,000. Through extended repayment, borrowers may pay under a fixed or graduated plan and must repay the loan within 25 years. Borrowers interested in extended repayment must request this option from their servicer.

· Deferments: may be granted on Stafford loans for specific situations and have certain time limitations and conditions for eligibility.

Download the Master Promissary Note for Federal Stafford Loans (.pdf)