Stafford Loan Status
Students eligible to receive the Stafford Loan must be at least half-time student status. Students that receive the Stafford loan, but drop below half-time but repay all Stafford Loan payments during the current year back to the Direct Loan Program, which is administered by the Department of Education. If you’ve receive a Stafford loan, but your status dropped below half-time, and you are unable to repay your Stafford Loan back then you must work out a payment plan. All payments must be completed before you are eligible to receive a Stafford Loan in the future.
Students that are at least half-time students can receive the Stafford Loan without having the repay the loan until they’ve completed school or are no longer attending. Interest can be pay, while is school, but it is not required. All interest that is not paid will be accrued until you are no longer in school; either through graduating or dropping out of your program.
Students that have graduated or are no longer attending school have a grace period of six months until their first payment is due. All payments must be on time or a student’s credit score will be negatively impacted. Students will not be penalized if they do not pay their student loan payments during the six month grace period.
Students can check their Stafford Loan application status online to see if they qualify to receive a Stafford Loan for the upcoming school term. Students can visit the National Student Loan Data System, which is the Department of Education’s central database for student aid. The NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.