<p>Hi,</p>
<p>So my parents and I just realized that even with the generous need-based aid we received from the college I will be attending, we will still be struggling and coming up short when it comes to paying for college. Thus we decided we should try and get some subsidized loans. </p>
<p>Enter the Stafford Loan. There was no "loan amount" included on my financial aid sheet - am I still eligible to apply? Also, are most of the benefits from various lenders for the Stafford loan usually the same?</p>
<p>Also, how long does it usually take for the Stafford Loan to get approved?</p>
<p>Thanks!</p>
<p>Did you have unmet 'need' (need is roughly defines as the schools COA less your EFC) or was you need met by the school? If your need was met and it is the EFC you are struggling to come up with then you will not qualify for subsidized Stafford loans. You cannot apply for an subsidized loan if your school does not award you one (by which I men you *can *ask them but if they say you are not eligible you *cannot *just go and apply to a loan company and get one - it has to be awarded). However you should still qualify for unsubsidized Stafford loans. Contact your financial aid department and ask them.</p>
<p>Yes they have mostly the same conditions - 6.8% interest rate (for unsubs), maximum for a freshman $5500, payment can be deferred until 6 months grace period after graduation. For unsub you can defer the interest until after the grace period but it will be accumulating and compounding (you will pay interest on the interest). Lenders do have some differences - Staffords have orientation fees of up to 3% but some lenders may charge lower fees. Also some offer reduced interest rates based on things like doing direct debit, paying on time for a certain period etc.</p>