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The Stafford Loan can help finance your education
The Stafford loan is a federal loan available as a subsidized and unsubsidized loan. Some features of this loan are:
- the loan has a fixed interest rate of 6.8%
- the origination fees vary from 0-2.5%
- for the subsidized loan, you can take out a max of $8,500 per year, while for the unsubsidized loan, you can take outa max of $32,000 per year.
- You don't need a credit check. You don't need a cosigner. You don't need debt-to-income scoring
- You apply through FAFSA, but you have to find your own lender
- Deferment and forbearance is available
- There is a grace period of 6 months after you gradate or your last day of attendance (should you drop out) and the max term that you can pay back is from 10 to 25 years.
This loan is probably the best deal out there, especially since you can get it subsidized. This probably the reason whyso many students take it out. You should seriously consider this option if you are taking out loans.
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