Stafford FAQ’s
As a Customer Service Representative at the the questions I most often here is, “How do I get the ?” and “What is the difference between subsidized and unsubsidized’ and finally “How do I get my money?’
All questions are great and important questions to ask. Listed below are my answers to the commonly asked questions”¦.
How do I apply for the?
You must fill out a application to see if you are eligible for the . Virtually everyone is awarded this loan however you need to fill out the paperwork for the school to review and determine your eligibility for Federal Aid (i.e. Stafford loans, Pell grant, Perkins loan, etc.) Once you are awarded the money you can go to and get your Master Promissory Note to agree to the terms and conditions of the loan. Depending on your school’s process you may need to print out the MPN or do an electronic signature.
My award letter lists subsidized and unsubsidized Stafford loans. What is the difference?
Subsidized are need based and interest free while you are in school. Unsubsidized are non-need based and interest accrues on the loans while the student is in school.
How do I get my money?
The funds for the get disbursed directly to the schools financial aid office. The money is put into your student account, applied to any outstanding tuition or fees and the amount left is then issued to you via check. If you are interested in receiving a refund check you need to coordinate it with the school’s financial aid office and not the lender.
If anyone has any questions on financial aid I’ll be glad to try to help or answer any question you may have. Thanks for reading.
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