2013 - 2014 Stafford Loan Eligibility

The Stafford Loan is a great option for students that need additional financial aid to pay for their post-secondary education for the 2013 - 2014 school year.  The Stafford Loan is a federally funded program offered to students that attend a Title IV approved institution.  Students that complete the following steps and meet all the minimum requirements will be eligible for a Stafford Loan.

2013 - 3014 Stafford Loan Steps

Students should complete and submit the 2013 - 2014 FAFSA Application. 

The FAFSA application can be completed either online or through paper form.  The paper FAFSA application is available by calling 1-800-4-FED-AID or by downloading a PDF file offered through the Federal Student Aid website. 

The Department of Education recommends that applicants complete their application online, since it’s much more efficient and easier to review.  Students can always log into their FAFSA account to make changes online at anytime as well.  You must have a FAFSA PIN in order to be eligible to complete the FAFSA online.
The FAFSA application takes into account the applicant’s income, cost of attendance, and their student status (full-time or part-time) to determine if they’re eligible for federal student aid, such as the Stafford Loan.

If you completed the FAFSA in prior years then you will have to re-submit the FAFSA application again to be eligible for the 2013-2014 school years.

Once the FAFSA has been completed, your school financial aid office will send a, “Federal Financial Aid Award,” letter outlining if you qualify for a Stafford Loan. 

If you do qualify for a Stafford Loan then you must complete and submit the Master Promissory Note.  This note outlines the terms and conditions of the loan borrowed.  Your school will send you a website link to complete an electronic form.  Some colleges will request applicants to complete a paper form that must be submitted back to the financial aid office before the loan can be disbursed. 

Once the MPN (Master Promissory Note) has been completed then students will then be requested to complete a Stafford Loan entrance Interview.  This interview is completed online and is a guide that outlines what borrowers need to know prior to borrowing a federal student loan.  The entrance interview is only for new Stafford Loan borrowers. 

To be eligible for the 2013 - 2014 Subsidized Stafford loan, students must:

Complete the FAFSA

Be enrolled as an undergraduate student at least half-time.

Have a financial need (Low-Income students).

Attend an approved Title IV school

Not have met the maximum eligibility period, which is 150 percent of the published length of your current program.  For example, if you are enrolled in a four-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150 percent of 4 years = 6 years).

To be eligible for the 2013 - 2014 Unsubsidized Stafford loan, students must:

Complete the FAFSA

Be enrolled as an undergraduate or graduate student at least half-time.

Attend an approved Title IV school

Students do not have to be considered low income to qualify for an unsubsidized Stafford Loan.  Students that have a high Cost of Attendance will qualify for an unsubsidized Stafford Loan if their financial aid package is lower then their COA (Cost of Attendance).

2013 - 2014 Stafford Loans

Stafford Loans are one of the best types of student loans available for students that need additional money to pay for their education.  The loan has a very low interest rate and a favorable repayment term when compared to other private student loans offered through financial institutions.     

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