Each is offered through the William D. Ford Direct Loan Program. Support the iTHINK Community Foundation by selecting it as your charity and shopping through AmazonSmile. Beyond Stafford/Direct Loans, borrowers who need additional funding to afford their college education may need to turn to private student loans. To receive a subsidized Stafford loan, you must be able to demonstrate financial need. The average student receives several thousand dollars each school year. Both subsidized and unsubsidized Stafford loans require the completion of the Free Application for Federal Student Aid (FAFSA). We appreciate your patience. Keep in mind that: Stafford loan rates tend to be lower than rates associated with other types of loans. Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common type of student loans with 32.8 million recipients borrowing a total of $705.3 billion in 2017.. Note that details provided on this page reference older loans made under the Federal Family Education Loan Program (FFELP). They're designed to supplement scholarships, grants, work-study jobs and family resources to help meet the cost of tuition, fees, room and board. The government pays the interest while you′re in school and for six months afterward. Subsidized: A subsidized loan is a need-based loan.The federal government pays the interest on the loan when you are: 1) attending school at least half time [6 units]; 2) qualifying for an authorized deferment. A Stafford Loan was a student loan offered from the United States Department of Education to eligible students enrolled in accredited American institutions of higher education to help finance their education. A 1.057% origination fee is deducted from the loan amount before the funds are sent to the school. Meanwhile, the interest on an unsubsidized Stafford loan will be paid by the student and is added to the loan balance. Repayment of Stafford Loans. Great Lakes Educational Loan Services NMLS ID# 218642, how Federal Student Aid partners with loan servicers, list of our trusted federal student loan servicers. Therefore, students can borrow only as much as $5,500 a year — and up to $23,500 total — through this type of loan. Learn about Direct Student Loans, from federal or private sources, and subsidized or unsubsidized loans for the 2018-2019 academic year. Pay confidently on the go when you use your iTHINK Financial Visa® cards with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, or Garmin Pay. In 1988, Congress renamed the Federal Guaranteed Student Loan program the Robert T. Stafford Student Loan program, in honor of U.S. A Stafford student loan is a government-issued loan meant to pay for college tuition and student living expenses.Granted to qualifying students at American universities, the Stafford student loan can help defray the cost of college, at least until graduation. These Federal Student Loans are for students and for students’ parents. You have a network of support to help you succeed with your federal student loan repayment. Financial need is not a requirement to obtain an Unsubsidized Stafford Loan. The Stafford annual loan limit for a student enrolled in a graduate or professional program of study is $20,500.00. It is the parent′s responsibility to repay the loan. Stafford Loan Application The Stafford Loan is a low interest federal student loan that helps students and pay for the cost of college. Find out how Federal Student Aid partners with loan servicers to be here when you need help. Complete an education course this January and you could win one of three $100 Visa gift cards.*. You must repay your loan, so be sure you understand your options and responsibilities. A Stafford loan is a federal student loan provided by the government to help pay for your education while you’re attending a university, community college, trade or technical school. Taking on student loan debt can be stressful and scary, but if you must borrow to pay for college, Stafford loans are the best available way for you to do so. The government pays the interest on the Subsidized Stafford loan as long as the student is enrolled in school on at least a half-time basis. To qualify for a Stafford Loan, you must fill out the Free Application for Federal Student Aid (FAFSA). A Stafford loan is a type of federal, fixed-rate student loan available to college and university undergraduate, graduate, and professional students … Stafford loan amounts range from $5,500 per year for freshmen to $7,500 per year for seniors. A student must submit a completed FAFSA to Samford in order to access funding through a Stafford Loan. And it’s available to college and university undergraduate. All new federal student loans come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). Anyone can qualify for an Unsubsidized Stafford loan. Direct Loans (along with interest rates and fees) will be included in your award package. You also will be eligible to borrow through subsidized loans for only 150% of the length of your degree program. If you have any questions, please. Unlike a Subsidized Stafford loan, the government does not pay interest while you′re in school, but you can defer interest payments until after college. Since 1969, our Credit Union has been built on “people helping people.” We value your Membership and look forward to meeting all your financial needs. If you click "Continue", an external website that is owned and operated by a third-party will be opened in a new browser window. Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. Summary: Direct Stafford Loans, sometimes called Stafford Loans, are federal student loans available to undergraduate and graduate students.Students in undergraduate programs receive a 2.75% interest rate. Stafford loans, also known as Federal Family Education Loans (FFEL), are federal student loans available to college students. Stafford Loans, as guaranteed by the Federal government, remain one of the safest, most beneficial and lowest impact student loans available. There are two types of Stafford loans: subsidized and unsubsidized. A Stafford Loan is a federal student loan offered to eligible students enrolled in an accredited Title IV Post Secondary Institution to help finance their education. Federal student loan interest rates reset for new loans on July 1 each year. Stafford Loans are available through many different lending institutions and … Many students receive multiple small loans per semester, which can be a mixture of federal student loans—such as Perkins, Stafford, and PLUS—and private student loans. If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. Please note that with the passage of the Student Aid and Fiscal Responsibility Act, all new federal student loans and federal student loan consolidations are provided to borrowers directly by the U.S. Department of Education. Stafford loan is a type of federal, fixed-rate student loan available to college and university undergraduate, graduate, and professional students attending college at least half-time. Federal student loans for college or career school are an investment in your future. Delray West Atlantic (Delray Beach FL) Branch, Military Trail (West Palm Beach FL) Branch, Hutchinson Island (Fort Pierce FL) Branch, St. Lucie West (Port St. Lucie FL) Branch. Student Loans. It is important to note, though, that private student loans will typically carry interest rates that are much higher than what is offered on federal student loans. If you’re looking to apply for a Stafford or PLUS loan, please contact the Department of Education at 800.433.3243 or visit their Student Aid on the Web information center. The PLUS Loan (formerly called the “Parent PLUS Loan”) is for credit-worthy parents of dependent students. All new federal student loans come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). Also, these loans are called direct loans. Cancellation/Discharge of Stafford Loans. Federal Direct Stafford Loans . Stafford loans are the single largest source of federal financial assistance for students pursuing postsecondary education. A Federal Stafford Loan is a student loan issued by the Department of Education. Furthermore, it’s available to graduate, and professional students. Consider the benefits of Stafford loans. What is Stafford Loan? As a result, Federal Stafford Loans are often called Direct Loans. Those attending college at least half-time. Qualifications for a Stafford Loan The first step towards qualifying for a Federal Direct Stafford Loan is to fill out and submit the Free Application for Federal Student Aid , … You must qualify for financial aid to receive a Subsidized Stafford loan. A PLUS Loan is a loan made to the parents and does require a credit check. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. All Stafford loans for graduate and professional program students are Unsubsidized. These loans are backed by the U.S. government, so if a student defaults, the … Subsidized Stafford Loan As either a dependent or independent student, you may qualify for this need-based, low-interest loan. As an example, undergraduate students who took out loans for the 2019-2020 school year received a 4.53% interest rate. iTHINK Financial does not provide, and is not responsible for, the product, service, overall website content, security, or privacy policies on any external third-party sites. After researching Scholarships and Grants, you should consider loans that are low-rate and flexible. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by Federal Student Aid, an office of the Department of Education. Unsubsidized Stafford loans add the accrued interest to the loan balance, increasing the size and ultimate cost of the loan. Interested in learning about scholarships and grants? Great Lakes is a Servicer to Federal Student Aid. You may want to contact your school Financial Aid Office for additional guidance. There are two kinds of federal Stafford Loans: Subsidized and Unsubsidized Loans. Stafford Loan is a type of federal, fixed-rate student loan. Types of Federal Loans Federal Direct Subsidized Stafford Loan. Note that details provided on this page reference older loans made under the Federal Family Education Loan Program (FFELP). Direct Stafford Loans are offered by the US Department of Education. You must be enrolled as at least a *half-time student to be eligible. The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees repayment to the lender if a student defaults. They are available to undergraduate, graduate and professional students enrolled at least half-time in school. Start saving for your future with our limited-time 1.00% APY* 48-month Certificate! If you click "Cancel" you will be returned to our Website. The federal student loan limits are lower for subsidized Stafford student loans. According to the U.S. … By providing us with your feedback through MX surveys, we can make improvements where needed and ensure that you are treated the way you deserve to be treated, like our most valuable asset! New to Great Lakes? Unsubsidized Stafford Loan: Unsubsidized Stafford Loans are for undergraduate, graduate and professional degree students. FAFSA results will determine a student’s dependency status. Nearly all students are eligible to receive some type of loan. If you have federal student loans, there is a good chance that some of them are Direct Stafford Loans — the most common type of federal student loans. All Stafford loans are through the Department of Education, which means there are no private banks involved. These sites may not be conformant with current ADA requirements. You have a network of support to help you succeed with your federal student loan repayment. Another $4,000 - $5,000 may be added if the student is deemed independent. Great Lakes Educational Loan Services, Inc. 2401 International Lane Madison, WI 53704 Toll-free: (800) 236-4300 The Stafford Loan currently provides more aid dollars than any other individual government educational aid program. Learn more about your tax statement here. While your school financial aid office may be able to help you find some basic facts and figures, there are other effective ways to find out your total student loan balance. Stafford Loans are Direct Subsidized and Unsubsidized Federal student loans that most U.S. students can use to pay for qualified educational programs. Parents can borrow up to the cost of the education, minus any financial aid the student is eligible to receive. The new iTHINK Financial Wellness Center is your go-to financial education resource. 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