Sunday, October 18, 2009

Student Loans and Your Future

By Andrea Brown

Stafford student loans are one of the perfect solutions for students needing help in paying for their post-secondary schooling. Stafford student loans are used by individuals all across the United States, and is linked to the federal aid packages for students who need to get assistance to cover post-secondary education. If you are interested in applying for Stafford student loans, there are some factors that you should remember.

Above all, Stafford student loans are available to needy individuals who have a reasonable credit history or can co-sign with person who has a good credit rating. Credit history is the base that the financial institutions use to judge whether or not you are a high risk of defaulting on a loan.

The higher your credit score, the less the risk you are. If you have a great credit history, odds are you will be accepted into the Stafford student loans program without needing a co-signer.

In order to be allowed Stafford student loans, you must have applied for your FAFSA. This is a minimum requirement for all loan scholarships provided by Stafford. In addition to this, you must prove need as determined by the college you want|wish| to go to.In many cases, you will first meet with your college before you apply for Stafford student loans. Your university representatives will be able to help you in the process of submitting your application.

In addition to this, there are several other requirements that you need to adhere to in order to be eligible to register for Stafford student loans. You must be a permanent resident or citizen of the country. You need to be signed up for half-time or higher attendance at your university, and you must be enrolled into a school that functions in the Stafford student loans system. Typically, the majority of schools are participants in the program, although there are some that are not.

Those who have defaulted on a previous education loan need not apply. This is directly tied to your credit score.

If you refuse to pay back your Stafford student loans, it is unlikely that other loan providers will accept you into their programs. You will also be denied Stafford student loans if you have had to refund any education grants.

Requesting your awards letter is all that is left to do if you otherwise meet the requirements for your Stafford student loans. Once you receive your awards letter, you can begin the application process.

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