What do you have to do to apply for Stafford loans?
There is one big demand for Stafford loans (and school financial aid): You must complete the Free Use for Federal Student Aid (FAFSA). No FAFSA, no Stafford’s. It is not a fun form to fill out, but spending a few hours wading during all the financial disclosure is worth it, trust me. Check with the school’s fiscal aid office; they are set up to help you navigate this process.
You have applied for subsidized and unsubsidized Stafford loans, but you requirement even more money.
Apply for a Parental PLUS loan, another federal credit program. The parent, not the student, is the borrower. There is no income limit, and you can refer to up to the full amount of college costs minus any aid and other loans. The engagement rate is a fixed 8.5 % for most borrowers. (It is 7.9 % if the school is interest of a program that has you borrow directly from the federal government, measure than using a third-party lender. Only 20 % or so of schools are duty of the Federal Direct Loan program.) But I want to be clear: You apply for a Advantage only after your child has maxed out on the Stafford’s. A PLUS is a remarkably good deal, but Stafford’s are even better given their diminish interest rates. Stafford’s first. PLUS second.
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