 |
Government Loan Programs For Students Federal programs are some of the best resources for paying for your educational expenses. The Federal Government makes millions of dollars available each year through grants, loans and work-study programs for students like you who want to go to college. |
Stafford Loans from Crestar
The Stafford Loan is a Federal Loan that features a low variable interest
rate with a cap of 8.25%. This means that your interest rate may go
up or down but will never exceed 8.25%. This loan is based on your financial
need, as determined by the FAFSA (Federal Application for Student Aid).
When youšre ready to begin paying on your loan, youšll have multiple
repayment options.
If you get your Stafford Loan from Crestar, you will be eligible for our Top PerformerŽ Rate Reduction Program which could lower your interest rate by 1%!
Click here for complete information on Top Performer.
There are two types of Stafford Loans: Subsidized and Unsubsidized.
Subsidized Stafford Loans are based on need, as determined by the FAFSA. If you get a Subsidized Stafford Loan, the Federal Government pays your interest while you are enrolled in school at least half-time and throughout the grace period. Repayment begins 6 months after graduation or when you drop below half-time status. Once you begin repaying your loan, you may have up to 10 years to repay the debt or you may consolidate your loan.
Unsubsidized Stafford Loans are not based on need. So, any student, regardless of family need or income level is eligible. The FAFSA form will still need to be completed in order to establish whether or not financial need exists. With an Unsubsidized Stafford Loan, you have the option to make or postpone interest payments while you are in school, but you do not have to begin repayment on principal until 6 months after graduation or until you drop below half-time status. It is important to remember, however, that the interest on this loan will begin accruing from the time you receive your loan.
Do you need a Stafford and/or PLUS loan application form???
No problem! You can download the exact forms that you need for your school instantly. Use our Application Wizard to fill in the data. NO more hassles. NO more mistakes. NO more waiting.
Click here to get your application now!
