Subsidized Loan » Grace Period

Winning Strategies for Tackling Student Loan Debt

admin — Tue, 29 Dec 2009 09:37:08 +0000

If you’ve recently finished school and are currently in your six-month grace period before you have to make your first student loan payment, you may have questions about the best way to tackle your debt. Yes, you can simply make monthly payments on your various loans, but with a little planning, you can save thousands of dollars, minimize your monthly payments, and improve your credit score in the process.

Currently the average undergraduate finishes school with over $16,000 in student loans. For many students, this hefty amount owed is piled onto existing debt such as car payments and credit card bills. So, if you feel overwhelmed with what you owe, you are not alone. Rest assured, however, you can tackle your debt successfully and effectively by taking a proactive approach.

First, remember that your student loan debt is probably at an interest rate much lower than your credit card debt. The highest interest rate on student loans compares favorably with the exorbitant rates issued by credit card companies. With rates as high as 30 percent, concentrating on paying down credit card debt should be a primary focus.

If you have no other liabilities other than student loans, congratulations! But, you’ll still need to be strategic about how you will pay back what you owe. Most standard student loans have a ten-year payback period and a monthly payment schedule, but there are many more cost-effective options that are worth exploring.

Before you make that first payment, call your lenders and verify what the monthly amounts will be. If you simply cannot afford to make the payments, ask about alternative payment options. Most lenders offer graduated payment plans where monthly payments start about 50 percent below the standard amount and gradually increase over time. As well, you can frequently extend your repayment period up to 30 years. However, you will need to be careful about paying so little per month that you are only paying interest and no principal.

Another very effective way to decrease what you are paying each month is to is to consolidate your loans by doing a student loan consolidation. This is a great option for borrowers who have several loans at different interest rates. By consolidating these loans, you can lock in a fixed interest rate, lower your payments, and extend your repayment period. Also, consolidation can be quite beneficial for improving your credit because existing loans will be paid off before a new loan is issued. You can ask your current lenders if they offer consolidation plans. If not, there are many lenders who can help you with your loans, and you are able to consolidate during your grace period. Make sure to ask about interest rate discounts that are usually offered for signing up for auto-pay and for having extended on-time payments. Most borrowers who consolidate their loans will save a substantial amount on their monthly payments, up to 60 percent each billing cycle. However, remember that the interest rate on consolidated student loans changes every year on July 1st. Thus, if you are considering consolidation, make sure to submit your application well before this date. Interest rates will be going up more than 2 percent this year, so don’t delay.

If you are approaching the end of your grace period, and you are currently unemployed, disabled, or planning to return to school, you can defer payment on your loans for up to three years. The government will pay the interest on your subsidized loans during this time.

Like deferment, forbearance is another option to delay repayment for as long as three years. You can apply for forbearance by proving financial hardship to your lender. However unlike deferment, you will be responsible for accrued interest during the forbearance period.

No matter how you go about repaying student loan debt, by all means, do not default on these loans. There are serious consequences for not paying back what you have borrowed. Defaulted loans will appear negatively on your credit report, and this may prevent you from qualifying for other types of credit such as mortgages and car loans. As well, defaulted loans will be turned over to a collection agency, and you could possibly be sued. You may even have your wages garnished or your income tax refunds intercepted. And, of course, you will not be able to apply for additional student loans until you either repay the loans in full or make payment arrangements with the lender.

Yes, paying your loan payments is the best way to prevent defaulting on your student loans. Also, make sure to notify your lender with any changes that affect your loans such as name changes or new addresses and phone numbers. If you do experience financial difficulty, don’t delay in asking for forbearance, deferment, or an alternative payment plan. Once you have defaulted, you won’t be able to qualify for these options. And, don’t forget to keep careful records of your loans. Save promissory notes, cancelled checks, and letters that you send to your lender.

Tackling your student loans is possible, and with a little financial know-how and advanced planning, you can customize a payment plan that will work with your financial status. So, go ahead and get started! The sooner you take control of your debt, the sooner you will pay it off.

By: Mike O’Brien

The Advantages Of Student Loans

admin — Thu, 17 Dec 2009 07:09:20 +0000

There are a lot of expenses associated with your college. As a result, a student loan can really help. You will not need to worry about the source of fund when you get the loan approved. Besides, there are also other advantages for getting a student loan.

In fact, there are people who think that it is too troublesome to apply for a student loan. Yes it is true that you need to do a lot of things and complete a lot of forms before you get approved. However, you have to go through these processes if you want to be worry free about your expenses in college.

One of the advantage of a student loan is that you do not need to repay before you graduate if you are getting a federal loan. As a matter of fact, you do not need to repay immediately after graduation either. It will let you have some time to seek for a job before you have to repay. You will start repay about 6 months after you graduate.

Of course the case will be a little bit different if you are going to get a private student loan. In this case you will probably need to pay for the interest when you are still in the school. However, the interest will not be a large amount at the end of the day. If you are paying the expenses with your credit card, you will have to start repaying after the grace period. And student loans certainly have their advantages.

Considering the types of students loans, if you are getting a federal loan, there is a type called subsidized student loan. Students who need financial assistance may get this type of loans. If you get a subsidized loan, no interest will be counted before graduation.

At this point you may probably know that another type is unsubsidized loan. In this case the interest during the time you are in the college will be counted. However, in both cases you will only need to repay after graduation, an mentioned.

You can see that there are a lot of benefits if you can get a student loan. Of course there are students who are wealthier and they do not need to consider such loans. However, to most students, a student loan can really help them to concentrate on studying rather than worrying about source of fund.

By: Jerry Leung

How Student Loans Work

admin — Sun, 13 Dec 2009 05:39:57 +0000

by: Gray Rollins

Students have many options for financing the cost of college. Loans are just some of those options. However, all avenues for securing scholarships and grants should be pursued before trying to find a loan. This is because scholarships and grants do not have to be paid back, while loans do. There are many different types of loans available for consideration, and many factors of which you should be aware.

First of all, it’s best to get your Free Application for Federal Student Aid (FAFSA) in early. In fact, it should be turned in as soon as you or your parents have mailed in your annual income tax forms. While the federal government uses this information in order to assess your need for aid, state governments also offer grants based on your form. Most of the time these state grants are first come first served, so the earlier you apply the better chance you have of receiving this type of financial aid. Also, this is the method in which you apply for government loans as well.

If you find you did not receive enough aid to cover your expenses, move on to applying for a loan. There are several types of government loans to consider. The first is a Parent Loan for Undergraduate Students (PLUS) which puts the responsibility of repayment on parents, at an interest rate that’s currently 8.5 percent. There is no limit on the funds, and repayment must begin 60 days after disbursement with no grace period. There is a credit check involved. If the parents are denied the loan, the student will have an increased limit when they apply for Stafford loans.

Stafford loans are either disbursed by banks or directly by the federal government. There are subsidized loans, meaning the government pays the interest while you are in school. They are based on need. There are also unsubsidized loans in which you are responsible for the interest which accrues. They are not need based. However, you can elect to defer the interest payments until after graduation. Students are not required to repay these loans until six months after they graduate. Loan caps differ depending upon how far along you are in your schooling. Freshmen can borrow up to $3,500, sophomores up to $4,500, and juniors and seniors $5,000. The limits increase if you are an independent student, your parents were denied a PLUS loan, or if you are a graduate student. These loans currently have a fixed interest rate of 6.8 percent, but some lenders may offer rate reductions based upon your career path, such as for teachers or nurses.

A school based loan, offered with funds provided by the government, is called the Perkins Loan. It is need based, subsidized, and currently has a fixed interest rate of 5 percent. Undergraduates are eligible to receive up to $4,000 per year, while graduate students can receive up to $6,000. Your school’s financial aid office determines if you are eligible to receive this type of loan.

A first time borrower can expect his or her loan funds to be delayed by about a month after those of someone who has borrowed before. This means you should apply for your loan as soon as possible. You will also be required to take an entrance interview in order to receive your payments. You will probably be able to take this interview online. Your financial aid office will assist you in completing the interview.

If you know you are going to need loan money to cover college expenses, check with your school’s financial aid office. Some schools do not accept Stafford loans, so you would need to make other arrangements for a loan or find a school that will accept one. Private loans from banks are an option, but be aware that most of the time you will be required to repay them without a grace period. There are some, such as one offered through U-promise, that can be deferred until after graduation. Also, since they are based upon credit scores, many students may not qualify due to a lack of credit history.

Don’t wait until the last minute. Get your FAFSA filled out, and explore all of your options regarding paying for college. This will ensure a smooth transition and better prepare you for any setbacks that may come along. To find out more about loans go to the best loan site on the web at http://www.loaninfocentral.blogspot.com/

By: keevisr

Stafford Student Loans

admin — Sat, 28 Nov 2009 15:14:37 +0000

Students can go to college through the federal student loans that can help them pay until they graduate. There are many different types of such loans. The Stafford student loans are just one of them. This article will attempt to discuss the basics of this type of loan in order to give information on how it helps the students of this country.

A Stafford Loan is a loan that is offered to students who are enrolled in accredited colleges, universities, and institutions. The Congress established this in 1965 in order to extend financial aid to students who are in need to supplement their resources. As part of the Federal Family Education Loan Program FFELP, the Stafford loans expanded to cover 90% of $50 billion plus funding.

Almost everyone is eligible to get this loan. Back when it was signed in Congress, the definition for the recipients was not very clear and so the program rapidly expanded. There are two types, the subsidized and the unsubsidized.

For the subsidized, the Federal government pays for the interest charges of the loan during the entire period when the student is in school until the grace period of six months after he graduates. There are certain qualifications for the subsidized loan and one of these is the family income. The government uses an Expected Family Contribution (EFC) number to determine if a subsidized loan will be granted or not.

Two out of three of this type of loan is granted to students who have parents with a total gross income of less than $50,000 annually. About 25 percent is extended to families with gross income of more than $50,000 but not more than $100,000. 10 percent is given to those with income that exceeds $100,000.

The other type of Stafford student loan is the unsubsidized. The interest charges for this loan accumulate until the loan is paid off fully. The loan can be borrowed from a bank or a credit union, or directly from the Department of Education. Interest rates change year after year but these rates are still very low compared to private loans being offered in the market. For the academic year 2008 to 2009, the unsubsidized rate is 6.8% while the subsidized rate is 6%.

For a student to be granted with the Stafford loan, he must be enrolled at least in a half-time period. To apply, he must accomplish and submit the FAFSA (Free Application for Federal Student Aid) form. This loan is only given to US citizens or nationals, permanent residents, or eligible non-citizens. The student must also be enrolled in the accredited schools listed in the Federal Family Education Loan Program.

The family income and financial need will determine if the applicant will be given subsidized or unsubsidized loans. The loan is payable in 25 to 30 years depending on what kind of Stafford student loans have been granted. There are also a lot of repayment options that the applicant can choose from.

By: Brian Link

Subsidized and Unsubsidized Stafford Student Loans

admin — Wed, 25 Nov 2009 06:32:02 +0000

Stafford loans were established by Congress in 1965 as part of the FFELP (Federal Family Education Loan Program) to provide financial aid for students. They were originally intended to help student who were ‘in need’ but just what was meant by the term ‘in need’ was not entirely clear and the program was rapidly expanded. Today, Stafford loans account for more than 90% of the $50 billion dollars plus which is distributed each year to the various FFELP programs.

One way in which the definition of ‘in need’ was quickly broadened was to create two different forms of Stafford loan – subsidized and unsubsidized.

In the case of subsidized loans, the Federal Government pays the interest charges which would ordinarily accrue from the date on which the loan is originated until payments start. Usually, no payments are made while the student is attending school (as long as the program is a half-time program or greater) and for a further six month grace period after completion of the course. Students can however request that payments begin earlier if they wish to start repaying their loan before the usual date.

Because the government pays interest on these loans they are normally need-based in that aid officials will look at a student’s family income when deciding whether or not to grant a loan. In making their decision a number known as the EFC (Expected Family Contribution) is used and this is obtained from income information provided on the FAFSA (Free Application for Federal Student Aid) application form.

About two out of every three subsidized Stafford loans are given to students whose parents have an adjusted gross income of less than $50,000 per year. A further 25% are awarded to students whose families fall into the $50,000 to $100,000 per year range. However, the definition of ‘in need’ is still very flexible and about 10% of subsidized loans are given to students whose combined family income is in excess of $100,000.

If a student does not qualify for a subsidized loan then he or she will normally be eligible for an unsubsidized Stafford loan. In this case interest due on the loan accumulates from the day the loan money is disbursed until the day that the loan is paid off and interest charges can build rapidly. For example, even in we take the case of a modest $5,000 loan, at 6.8% the first year’s interest charge is approximately $430 and this is added to the $5,000 with further interest charges being applied to the higher figure in subsequent years.

Trying to work out interest payments can be a complicated business, especially if you have a series of different loans taken out over two or three years in college, because, while interest is quoted as an annual figure, it is calculated monthly and added to the loan principle as you go along with interest in subsequent months being charged on the increasing figure. A good approximation can be made however by using one of the many freely available online mortgage calculators.

From the example above it should also be noted that $5,000 is a very low figure as student loans go and that most students will borrow considerably more than this. Indeed, the average student probably borrows about $15,000 in a mixture of different government and private loans

By: Donald Saunders

Student Loans also known as PLUS Loans

admin — Sat, 21 Nov 2009 20:07:13 +0000

Loans are a type of financial aid that must be paid back. There are three types of student loans. Federal Loans given to students, federal loans given to parents and private loans.

The first type of loan is the loan given directly to students. They include Stafford loan, Federal Family Education Loans, Ford Direct Student Loans, and Federal student loan consolidation. These loans are directly available to the students and are available as subsidized or unsubsidized loans.

These loans should be paid after graduation. The grace period for both kinds of student loans is 6 months that means that a student has a time of six months after graduation during which he is exempted from paying anything.

If a student’s credit hours are less than half then his grace period is over and he has to start paying the loan. The main difference between subsidized and unsubsidized loans is that one is exempted from paying an interest on a subsidized loan until after the graduation.

The credit limit for undergrad freshman is 3500$ and it reaches the limit of 8500$ for graduate students. This limit increases to 12500$ per year for unsubsidized loans.

The second type of student loan is the loan given to parents. These are also known as PLUS loans. These loans have a much higher limit. This helps in meeting any gap in the education cost but the payments start immediately as there is no grace period. Parents are solely accountable for the payment of the loan. The interest rate on the PLUS loans is 8.5%.

The third type of student loan is the loan given by private banks and finance corporations. These loans have a limit higher than any federal loan. These companies provide the best financing terms and condition. Some companies even provide a grace period of twelve months. There are two types of private loans: direct to student/parents or through school channels.

The direct to consumer loans have a higher interest rate but are quick to process while the loans borrowed through school channels are slow to process but have a lower interest rate. The loan rate for private loans is higher than federal loans. The overhead charge depends upon the credit scores of a person.

One added advantage of private loans is that foreign students are also eligible for the loans but an American resident co-signer is also needed. They also charge a fee for the loan. If the credit score of a person is high then the fee charge can be omitted and the interest is also low. A statement of APR (Annual percentage Rate) contains all possible types of fees and it is provided when the loan is granted.

It should be used to compare the overall interest and fee when comparing the loans. Some federal and private student loans can be omitted if a student declares himself bankrupt and meets some conditions but these conditions are hard to meet.

Nowadays strict laws have permitted the loan companies to impose heavy fines on a bankrupt person. They are also punished in different ways like withholding of professional degrees or imposing heavy fines on them.

By: Luigi Castagna

Student Loan Consolidation Information – What Are Stafford Student Loans

admin — Fri, 20 Nov 2009 05:52:02 +0000

At the time of researching your student loan consolidation information options you need to explore Stafford student loans.

Stafford loans form part of the FFELP (Federal Family Education Loan Plan) established via Congress in 1965 to provide financial aid to students, originally envisaged to cover those in-need, even in 1965 the definition was somewhat loose and it has been expanded over the years, today Stafford loans provide over 90% of the more than $50 billion dollars distributed every year within the numerous FFELP categories.

One of the ways the original definition of need was rapidly broadened, was to create two different kinds of Stafford loans, which are subsidized and unsubsidized.

In the first circumstance, the Federal Government pays any interest that would normally accrue from the time the loan is taken out until payments begin, normally no payments are due whilst the student remains in school on half-time or greater class loads and for a half a years grace period after leaving school, notwithstanding students may request re-payments to start earlier if his or her situation allow.

Since the interest is subsidized those loans are normally need-based, meaning that aid officials look at student and family incomes in determining whether the student qualifies, the EFC (Expected Family Contribution) number is used to evaluate income information provided on the FAFSA (Free Application for Federal Student Aid) application form, approximately two-thirds of all subsidized Stafford loans provided go to students whose parents have an Adjusted Gross Wages of under $50,000.00 per year, a further 25% are provided to those in the $50,000.00 to $100,000.00 per year bracket, however the definition of needy is indeed very flexible today, since slightly less than 10% of subsidized loans are granted to students whose combined family income is over $100,000.00 per year.

For the students who do not qualify for subsidized loans, a large proportion may be eligible for an unsubsidized Stafford loan, however remain mindful that the interest starts accumulating from the day the money is disbursed until the day it is paid off, even in the situation of a modest $4,000.00 loan at 6.8% the first years interest is approximately $230.00, that $230.00 is then added to the $4,000.00 and interest charges are calculated on the higher total, this example is very oversimplified, since interest amounts are calculated monthly not annually, the exponential equation underlying it is some what complex, however sample scenarios can be viewed using a loan calculator such as one of the popular calculators available on-line.

However since $4,000.00 is a very small amount as student loans go these days, the numbers can actually be much higher given the run-of-the-mill undergraduate student and/or parent borrows about $15,000.00 per year in a mixture of subsidized and unsubsidized Stafford loans and other sources, you can acquire a detailed breakdown of what can be borrowed and by whom from a range of websites, but remember that fees do apply to any loan, therefore students will genuinely obtain a reduced amount from the stated loan amounts, it’s important to keep this information in mind when considering any student loan consolidation information.

By: Ian Wilkie

Difference Between A Subsidized And An Unsubsidized Student Loan

admin — Mon, 09 Nov 2009 02:43:25 +0000

Getting a federal loan is a very good thing; anyone would agree with that. However, the most common misconception is that “the loan is given by the government directly to the students, and after they have graduated, they do not need to pay” This may sound misleading, but in fact it is what many people believe is the way it works.

A federal loan is usually given through an institution, usually a common financial institution that the students know of. This loan can be divided into two different forms; the subsidized and unsubsidized student loan. So how does an unsubsidized loan differ from a subsidized one? Technically, the subsidized student loan and unsubsidized student loan do not differ much in nature.

Similarities

Firstly, both the subsidized and unsubsidized student loan is equally guaranteed by the US Department of Education. This can be either directly or through certain guarantee agencies. All students are equally eligible to receive both the loan types, although certain distinction may apply to determine the subsidization. But there is no distinction of credit scores or other financial issues, except for the factor of family income.

Secondly, both the subsidized and unsubsidized student loan offers a grace period of six months. This is a common grace period given by almost all kinds of student loans. This would mean that the student does not need to pay until six months after his graduation. Another alternative would be three months after the student becomes a less-than-full-time student without graduating, meaning that even before one complete his studies, he starts working part-time. Both the loan types offer the same amount of loan limit.

Differences

The difference lies in the interest. For the subsidized student loan, the government pledges to pay the interest to the moneylender while the student is studying. For the unsubsidized student loan, the student pays his own, although it varies according to his financial capacity almost every year. For example, if the student borrows $2600 a year, for unsubsidized student loan repayment, he has to pay back $2600 plus interest. For a subsidized one, he only pays the $2600.

Although the difference is only in the interest, it is a significant difference as it can make or break your monthly budget especially if you are just out of college and looking for a decent job. Therefore, wherever and whenever possible, try to secure a subsidized loan; it will make a huge difference when repayment time arrives.

By: John Mailer

Important Facts on Federal Stafford Student Loans

admin — Fri, 06 Nov 2009 02:04:48 +0000

One thing you will agree with me is that everyone would like to join a good college or university where all your interests will be met. But many people articulate that these learning institutions are very expensive and can not be afforded. Well I do not agree with them because, you can get to this specific university or college you aspire to join. All you need to know is that student loans offering institutions are available for you.

The best and the most affordable student loan one should consider is the Federal Stafford Student Loan. The Federal Stafford Student Loan is very popular and is changing the lives of many people around the world who are taking the step of applying for it. This is the only one of a kind loan offering loans with or without financial need. It does not care about how much you and your family can afford or put in to help pay for your education. That means anyone can apply for it regardless of the financial status.

Federal Student Loan is a low cost loan secured by the federal government and it comes along with so many other benefits that one would dream for. For instance eligibility for federal loan consolidation, repayment is postponed until you are done with college, the loans are given to students under their own names therefore you do not need any co-signer and again no security or credit check is required at all. Another good thing about Federal Stafford loans is that you will receive a certain grace period to allow you settle down after college and start paying when you can most comfortably pay for the Stafford loan. In the Federal Stafford loans website you will be in a position to learn about repayment terms available for you according to the kind of a Stafford loan you decide to take like standard repayment, graduated repayment terms etc. Get more information about this and you will understand what I am talking about.

To kick-start the application process for a Stafford Student Loan you will need to fill a FAFSA form, submit it and be accepted. Do this as early as possible to avoid rushing with the deadlines. If you are accepted the federal government will confirm your eligibility to the Stafford Student Loans officials who in turn will guide you on what to do. Having passed all the requirements like being a U.S. permanent resident or eligible non-citizen, enrolled or planning to enroll at least half time etc., then decide on applying for a Stafford Loan. One thing you will need to know is that you need to choose any of the available Stafford Loans according to your choice. You will need to decide between subsidized loans and unsubsidized types of Stafford loans. For the subsidized Stafford loans the federal government pays the interests for you while school. However you must have financial need determined by your School. For the unsubsidized Stafford loans you are required to pay the interest for yourself for an agreed payment period.

If you do not qualify for the subsidized loan which is based on need, you may qualify for the unsubsidized loan. There is no cause for alarm since the two loans have similar terms except for the differences aforementioned. So go for this wonderful and considerate Federal Stafford Loan and enjoy the great benefits.

Poly Muthumbi, a Web Administrator, Has Been Researching and Reporting on Student Loans for Years. For More Information on Stafford Student Loans, Visit Her Site at Federal Stafford Student Loan

By: Poly Muthumbi

An Introduction To The Basics Of The Stafford Student Loan

admin — Thu, 29 Oct 2009 00:25:15 +0000

Back in 1965 Congress launched the Federal Family Education Loan Program (FFELP) to give financial assistance to students. One element of this program is Stafford loans which were initially designed to help only those students in very real financial need but which now make up over 90% of all Federal Government education loans.

Over time Stafford loans have altered with changing conditions and today there are two main forms of the loan – subsidized and unsubsidized.

In the case of subsidized loans the Government accepts responsibility for the payment of interest accruing on a loan from the date on which the loan is issued until the date on which the student has to start repaying the loan. Usually a student does not have to make repayments as long as he is enrolled on a program of study that is classed as being a ‘half-time’ or greater program and for a grace period of up to six months after the end of his course. A student can however begin to make payments at an earlier point if he wishes to do so.

Since the interest is subsidized, loans are usually granted only on the basis of need and officials will look at both a student’s and his family’s income when determining whether or not the student qualifies for a subsidized Stafford loan. Students have to fill out a Free Application for Federal Student Aid (FAFSA) application form that includes details of income and each student will then be given a number called the Expected Family Contribution (EFC) calculated from the income figures provided.

About two-thirds of all subsidized Stafford loans are granted to students whose parents have an Adjusted Gross Income of less than $50,000 a year. Another one-quarter are provided to families in the $50-100,000 a year bracket. At this point however the meaning of ‘need’ becomes somewhat blurred and slightly under one-tenth of subsidized loans are provided to students with a combined family income of greater than $100,000.

In the case of those students who do not qualify for a subsidized loan most will be eligible for an unsubsidized Stafford loan. The main difference here is that students will be required to meet the interest payments on the loan, though once more payment do not generally start until six months after the completion of the student’s program of study.

An unsubsidized Stafford loan can be quite costly as the interest accumulates over the period of study and so the capital sum for eventual repayment will also increase. Let us consider a very simplified example.

Let us assume that a student borrows the sum of $5,000 at the start of his first year and that the interest rate is 6.8%. At the end of the year the interest accrued is $340 which will be added to the loan. In the following year the student will then accrue interest on $5,340 at 6.8% which will come to some $363 raising the total debt after two years to $5,703. This example is not wholly accurate as interest is calculated and added monthly but it does nevertheless demonstrate the principles of this form of loan.

Dependent upon the amount of money that is borrowed every year and the time before repayment starts it can be seen that a student can pay a reasonably high price for delaying the repayment of a Stafford loan.

Despite this apparently high cost it must be borne in mind that a lot of the alternative methods of meeting the cost of a college education are considerably more costly and that a lot of students would not be able to afford to go to college without a Stafford loan.

By: Donald Saunders