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MHR LoansFederal Stafford Loan Program
There are two Stafford Loan Programs available for student borrowers, subsidized and unsubsidized. All students who wish to borrow through either of these programs must complete the FAFSA each year. A Subsidized Stafford Loan is a federal loan that must be repaid. Ability to participate in the Subsidized Stafford Loan Program is based on calculated need as determined by the FAFSA. The interest rate is fixed at 6.8%. "Subsidized" means that the interest on this loan is not paid by the student while he or she is enrolled in school. The government (tax-payers) pays the interest on this type of loan while you are in school. An Unsubsidized Stafford Loan is also a federal loan that must be repaid. If a student is not eligible for the Subsidized Stafford Loan, as determined by the results of the FAFSA, an Unsubsidized Stafford Loan can be an alternative. "Unsubsidized" means that interest will accrue while the student is in school. The student can choose to pay the interest while in school or defer the interest and have it added to the principal balance. The interest on this loan is also fixed at 6.8%. First-time Stafford Loan borrowers who have received an award letter apply here.
Stafford Loan Entrance Counseling Private Loans Private credit based loans are an option for students that have remaining financial need after all institutional, state and federal resources have been awarded. Private loans should only be considered once all federal loan options have been utilized. Private loans are not part of the federal aid program and are not eligible for consolidation with federal loans. These loans are credit based and have a variable interest rate. In some cases a credit worthy co-signor may be required to qualify. Apply here for private student loans. |