Stafford loan faqsDon’t Forget Your Stafford Loan ApplicationAs most know you must complete your FAFSA in order to qualify for any federal loans , including the Stafford, but many are not aware you must also sign a Master Promissory Note (MPN) if wish to take out a Stafford loan (your FAFSA is merely the first step). When you receive … Read More How Bankruptcy Effects Your Stafford LoanStafford loans offer forgiveness potential to many borrowers. Among those forgiveness conditions include becoming permanently disabled, if the school you were attending closed before you could complete your degree program, identity theft, as well as public service employees and teachers who meet certain criteria, but what about bankruptcy? If the court … Read More What qualifies for a “mandatory” forbearance?There are certain mandatory forbearances. Examples include borrowers who: are in a medical or dental internship or residency; have student loan payments that are 20 percent or more of their monthly income; have payments being made for them by the Department of Defense Contact your lender or loan-servicing agent for more information on the … Read More Always consider what you’ll have to repayWhile Stafford loans remain your best loan option for higher education it is important to be mindful of the amount you are borrowing - it can get out of hand quickly. As a rule of thumb repayment of student loans should be only a small percentage of your salary after you …Read More Can I use my Stafford loan to pay non school related bills?No, you are not permitted to use your Stafford loan funds to pay non school related bills. The Stafford loan is to be applied toward your cost of tuition, which is why the funds get sent directly to your school. You can not apply those funds toward your cell phone bill, … Read More |
