Stafford Loans: Eligibility for the Federal Stafford Loan

Stafford loans are provided by the US Department of Education to help pay for the costs associated with post-secondary education. The federal Stafford loan is one of only a few federally-backed loans in the nation, and while the eligibility requirements are strict, students who are able to qualify for these loans will enjoy generous terms and benefits.
Students who wish to apply for the Stafford loan should also consider other types of federal educational funding, such as Pell grants, ACG grants, federal work study, and scholarships. In the event a student cannot qualify for these free types of funding, the Stafford loan can be extremely beneficial.

In order to be eligible for either a subsidized or unsubsidized Stafford loan, students will need to meet the following requirements:

*Must be a US citizen with a valid Social Security number
*Must be enrolled in an accredited school or university
*Must be enrolled at least half-time
*Must not be behind or in default on any other federal loans

The USDE uses the FAFSA or Free Application for Federal Student Aid in order to make determinations about which students will be awarded the Stafford loan and how much they will get individually. The FAFSA is used to determine eligibility for all types of federal funding, so the questions on the form are very uniform. They include personal identifying information, finance and tax information, and information relative to the school and course of studies being applied for. Additionally, some students may be requested to provide financial and asset information related to their parents, as award amounts for the Stafford loan are based in part on the EFC or Expected Family Contribution. The EFC is the most significant factor for determining what types of programs a student can be awarded and how much they will ultimately get.

In order to apply for the federal Stafford loan, a well-prepared student can apply via the FAFSA in about 15-20 minutes. It’s well worth it considering the same information may just lead to an award for a grant or scholarship that never has to be repaid.

Check it out for yourself by applying for a Federal Stafford Loan now.