Loans for College (Stafford Loans) from ASLS
Loans for College (Federal Stafford Loans) are perhaps the most affordable ways to pay for school. The two biggest benefits are the interest rates on Federal Stafford Loans are lower than other forms of consumer financing, and repayment on Stafford Loans are postponed until you are out of school.
- A low Federal interest rate of 6.80%
- No co-signers required
- There’s no credit check or collateral required
- No payments while you are in school (6 or more credits)
- Federal Stafford Loans are eligible for Federal College Loan Consolidation
- Once in repayment there are flexible repayment options available
Understand the Two Types of Federal Stafford Loans
Federal Stafford Loans can be subsidized or unsubsidized.
- Subsidized: The government will pay the interest on the loan while you are in school and any deferment periods including your grace period. However, Subsidized Stafford Loans are awarded to students who demonstrate financial need.
- Unsubsidized: Students are responsible for all interest throughout life of the loan. All students, regardless of financial need, are eligible for the Unsubsidized Stafford Loan.
Steps to Receive a Federal Stafford Loan
- Complete the Free Application for Federal Student Aid (FAFSA), or the Renewal FAFSA if applicable. After your FAFSA has been processed, your school will review the results and inform you about your loan eligibility.
- Complete a Federal Stafford Loan Application.
Federal Stafford Loan Repayment and Amounts
Repayment will normally begin six months after the student leaves college, and the minimum monthly payment on Federal Student Loans is $50 (your actual payment depends on the amount borrowed). There are no prepayment penalties or fees for Federal Stafford Loans. Federal Stafford Loans are initially set at a 10 years repayment plan. Federal College Loan Consolidation is an easy way to lower your monthly payment.
Students Can Borrow Federal Stafford Loans along the following guidelines:
| Academic Level | Dependent Student | Independent Student |
|---|---|---|
| Freshman | $2,625 | $6,625 (up to $2,625 subsidized) |
| Sophomore | $3,500 | $7,500 (up to $3,500 subsidized) |
| Junior | $5,500 | $10,500 (up to $5,500 subsidized) |
| Senior | $5,500 | $10,500 (up to $5,500 subsidized) |
Don’t forget that if you need more financial aid there are also Parent (PLUS) Loans and Private Student Loans to cover the rest of your total college cost.
| Academic Level | Dependent Student | Independent Student |
|---|---|---|
| Graduate Student | N/A | $18,500 (up to $8,500 subsidized) |
Graduate Students can also receive Private Student Loans to help cover the total cost of college.
Graduate PLUS Loans are now available for Graduate Students. Graduate PLUS Loans are great for covering your total cost of school, less any financial aid received.
Apply Online for a Federal Stafford Loan Now.
Or talk to one of our Student Loan Advisors at
(800) 575-1099
