Quantcast

Stafford Loans and Lenders

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

envelope

Senior Member
7+ Year Member
15+ Year Member
Joined
Jan 6, 2003
Messages
99
Reaction score
0

Members don't see this ad.
Hi guys,

This may be an obvious question, but i just want to make sure: What's the difference between subsidized and unsubsidized Stafford loans? One is tax free?

Also, how do you guys pick a lender for the Stafford loan. UCSD gave us 4 choices...I as thinking of picking Total Higher Education because it has 0% origination and guarantee fees and you get a 1.3% decrease in interest rate.

My other choices are:

Access Group/Health Education Solutions
Bank of America/Chase/Educaid/Washington Mutual
Medloans/Bank One

Thanks!
 

Kalel

Membership Revoked
Removed
15+ Year Member
Joined
Feb 1, 2004
Messages
792
Reaction score
3
Subsidized: fed gov pays interest for you while you are in school (ie no interest accumulation)
Unsubsidized: interest accumulates while you are in school
I have no opinion on any of your loan companies, but I think that it is good that you have found loans with 0% origination fees. My school didn't make us aware of this, and most of my class got stuck with programs that take 3%, which is a lot when you are borrowing 100K. The guarentee decrease in interest one sounds nice, but just make sure that you read the fine print (make sure that they will let you consolidate if you choose to do so, and make sure that they don't have any hidden fees or hoops you have to jump through to get the discount).
 

mpp

SDN Moderator
Moderator Emeritus
15+ Year Member
Joined
Jan 18, 2001
Messages
3,403
Reaction score
27
Both T.H.E. and AccessGroup have had a pretty good reputation and offer some decent incentives. Either of those is a fine choice.
 

2badr

**Switch**
10+ Year Member
15+ Year Member
Joined
Mar 28, 2001
Messages
6,667
Reaction score
1
Do I have to fill out the FAFSA every year?? I want to take out a Stafford Loan for next (fall) semester. I filed last semester (for this Spring).

Since you have to have a certain amount of credits for the Stafford Loan, how do you "prove" the number of hours you will be taking if you haven't registered for Fall classes yet?? I think the earliest I can register for fall is April/May.

Do I need to have that government application (FAFSA) on file to apply for the Stafford loan as well??? :confused:

I aplologize in advance if these questions have already been asked a gazillion times.:(
 

sunny9505

Member
7+ Year Member
15+ Year Member
Joined
Jun 18, 2001
Messages
65
Reaction score
0
Yes you have to fill out a FAFSA every year. Usually when you renew it online, it is not as painful as the first time.
 

aycshen

Junior Member
10+ Year Member
5+ Year Member
2+ Year Member
7+ Year Member
15+ Year Member
Joined
Oct 12, 2003
Messages
14
Reaction score
0
Do we need to fill out the parents tax info for FAFSA? Does it affect how much money we get?
 

DO for ophtho

Senior Member
7+ Year Member
15+ Year Member
Joined
Sep 8, 2003
Messages
127
Reaction score
0
If I recall correctly, you don't HAVE to fill out your parents income portion, but its in your best interests to do so, b/c if I am remembering right, you do qualify to borrow more....not a 100% sure on this tho.
 

Amy B

I miss my son so much
Moderator Emeritus
Lifetime Donor
10+ Year Member
15+ Year Member
Joined
Aug 7, 2000
Messages
4,303
Reaction score
3
Some school require you to fill out the parents portion. If you haven't filled out your FAFSA yet, I would strongly suggest you do so ASAP. Your schools need you to fill it out before the will award you any money.
 
Top