Do I qualify for a Federal Stafford loan?

Who qualifies for a Federal Stafford loan

You need to fit certain criteria to qualify for a Federal Stafford student loan. Here are the primary considerations that determine if you qualify for a Stafford student loan:

• You must submit a completed FAFSA (Free Application for Federal Student Aid).
• You should be a U.S. citizen, national, or permanent resident. Certain other “non-citizens” may be eligible, also.
• You must be accepted to a post-secondary school that is a member of the FFEL (Federal Family Education Loan) program.
• You must be enrolled (on a half time basis, minimum) or about to enroll in a participating school.
• You must not currently be in “default” of another Federal education loan.
• If you want a “subsidized” Federal Stafford student loan, you must be able to “document” financial need as defined by your school. Qualifying for a subsidized loan means the Federal government will pay the interest you accrue on your loan while you are still in school. Unsubsidized loans do not have a “need” requirement.

If you meet these conditions, you should qualify for a federal student loan. Notice that excellent credit was not mentioned in these conditions. Credit checks are not conducted and your credit score is not examined as a requirement to qualify for a Stafford student loan.