Stafford Loans: for Students

Stafford loans are central learner loans available for students of colleges, universities for enhancement individual and family resources, scholarships, funding and work-study. All the students are entitled to get Stafford loans in spite of credit. Stafford loans may be sponsored by Government or non sponsor depending on the financial needs of students.

Eligibility for Stafford Loan

1. Student have to submit FAFSA for being eligible for Stafford Loan
2. For sponsored Stafford Loans, student must have approval of school
3. Student must be a Citizen of that country from where he is taking such loans.
4. Student must be registered or plan to register at least half time.
5. Student must be accepted for registration or attend a school that take part in the Federal Family Education Loan Program.
6. Student not be a defaulter or owe any loan earlier.

How to decide student’s dependency position

While filling the information online regarding FAFSA there are some conditions given which make clear the conditions by which a student considered to be independent student. If student qualify for independent student status it means student’s parents are not integrated in FAFSA. Unless students are a returning college student it is unlikely that you are an Independent student.

If student answer yes to these particular questions it means they are independent. It’s a questionnaire for the students.

1. Were you born before June 30, 1987?
2. At the commencement of the 2008-2009 school year, will you be functioning on a master’s or doctorate program (such as an MCOM, PGDBM, MA, MBA, MD, JD, PhD or graduate certificate, etc.)?
3. Your Marital Status?
4. Do you have children who obtain more than half of their support from you?
5. Do you have dependents (other than your children or spouse) who live with you and who obtain more than half of their support from you, now and through July 31, 2009?
6. Is (a) both of your parents dead or (b) are you (or were you until age 18) a ward/dependent of the court?

If students answered yes to any of these questions in questionnaire then students are independent and can take financial support package. If not, then students have to provide information about there parents information in FAFSA.

The amount students can take as a loan is based on grade level and status. Independent students may be suitable for borrowing more because they are paying for college without any aid from there families.
It is important to take a note of students is financing their education on their own, dependency status is still determined by the school authorities.