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People also ask
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Can you be denied a Stafford Loan?
Yes, you can be denied a federal student loan for many reasons. It's a common misconception that completing a FAFSA loan application means you'll automatically get approved for federal student loans. In reality, not everyone is eligible.
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How long does it take to get approved for a Stafford Loan?
The timeline can vary a lot—it could be just a few days or several weeks. It depends on when you submit your application, when your semester starts, and any delays from lenders or the type of loan you're looking into.
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Is Stafford a federal student loan?
Stafford loans are a type of federal student loan that are either subsidized, meaning the government pays the interest while you're in school, or unsubsidized, meaning you pay all the interest. Stafford loans are a type of loan issued under the Federal Family Education Loan Program (FFELP).
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What is a stafford student loan?
Stafford loans are a type of federal student loan that are either subsidized, meaning the government pays the interest while you're in school, or unsubsidized, meaning you pay all the interest. Stafford loans are a type of loan issued under the Federal Family Education Loan Program (FFELP).
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What is the amount that a student may borrow with a direct Stafford?
Independent Students* Base Limit for Subsidized and/or UnsubsidizedTotal Annual Loan Limit Freshman (0-24 earned credit hours) $3,500 $9,500 Sophomore (25-48 earned credit hours) $4,500 $10,500 Junior, Senior (49 or more earned credit hours) $5,500 $12,500
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What is the difference between a subsidized and unsubsidized Stafford loan?
Direct Subsidized Loans: You won't be charged interest while you're enrolled in school or during your six-month grace period. Direct Unsubsidized Loans: Interest starts accumulating from the date of your first loan disbursement (when you receive the funds from your school).
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What is the difference between a Pell Grant and a Stafford loan?
Federal Stafford Loans and Pell Grants are types of federal student aid. The main difference between the two is that borrowers must repay Stafford Loans. Pell Grants don't need to be repaid. There's no interest rate or repayment period.
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Is a Stafford loan a good idea?
All in all, Stafford loans were the safest, most affordable student loans out there, but there were a few disadvantages: You had to fill out FAFSA forms and demonstrate financial need to receive subsidized Stafford loans. Subsidized Stafford loans were not available to graduate students.
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