Get snubbed on your full ride? You can hit up other sources, like student loans, to help pay for college. Here’s the lowdown on one of the most affordable ones, the Stafford Loan.
Federal Stafford Loans, some funded by private companies (Sallie Mae, for example), can be used to pay for tuition, room and board, books and other education- related expenses.
The Stafford Loan can be either subsidized or unsubsidized. Subsidized loans are awarded based on financial need and do not accrue interest while you are enrolled in school. Unsubsidized loans are not needbased, and are available to any eligible student; however, you will be charged interest from the time the loan is disbursed until it is fully repaid.
Dependency status and year of enrollment affect the amount you can borrow, so you must reapply annually. Dependent first-year students can borrow up to $3,500; independent first-year students can borrow up to $7,500.
After graduation, you have a six-month grace period before you must begin repayment.
Submission deadlines vary, so check with your school for specifics. Get more info at staffordloan.com.