Does anyone know of the best college stafford loan?

Question

Is the process easy? Do they check your credit? Like what you owe on credit cards and stuff?

Answer 1

The process is easy but a little time consuming (filling out the FAFSA...I would suggest online). They do NOT check your credit, only your financial need. Credit checks are performed by private lending institutions where loans are not backed by the Federal government. A Stafford Loan is backed by the Federal government.

If you are apply for a Federal Stafford Loan (you do this by filling out the FAFSA application and submitting results to your college Financial Aid Office). You will probably want to speak with a Financial Aid advisor at your college.

As far as the "best one"...there is a Subsidized Stafford Loan (which is interest paid while you are in school) and Unsubsidized Stafford Loan (which is interest NOT paid while you are in school). So I guess the "best" one would be the interest paid one.

The only criteria for receiving these loans are financial need. If you are a traditional college student (meaning between the ages of 18 and 22) your parents income may be a factor. The amount you can receive is based on the results of your FAFSA application which calculates your Expected Family Contribution (EFC) and their are limits as to the total amount of funding you can receive based on your year in college.

Answer 2

Not sure if there is a "best" college Stafford loan. It's need based. The interest is subsidized if you're extremely needy like I was.
You fill out the FAFSA, the school then offers it as part of your financial aid package. Once you accept the package you need to do entrance counseling....which just goes over the terms of the loan and there is a quiz.

Answer 3

try