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Back in 1965 the United States Congress created the Federal Family Education Loan Program to provide financial assistance to students. One element of this loans program is Stafford loans which were originally designed only to help those students in real financial [url=http://www.1855sacramento.com/moncler.php]moncler sito ufficiale[/url] need but which nowadays comprise more than 90% of all Federal Government student loans.
Since their inception Stafford loans have evolved with changing conditions and now there are two main types of the loan - subsidized and unsubsidized Stafford loans.
In the case of subsidized loans the Government assumes responsibility for the payment of any interest accruing on a loan from the date on which the loan is issued until the student has to begin repaying the loan. Normally a student will not be required to make repayments as long as he remains enrolled in a program of study that is classed as being a 'half-time' or greater program of study and for a period of up to six months following the conclusion of his course. A student may however begin making payments at an earlier point if he so chooses.
Because interest on the loan is being subsidized, loans are [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] generally only granted in cases of need and officials will examine both a student's and the family's income [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] when determining whether or not a [url=http://www.mquin.com/giuseppezanotti.php]giuseppe zanotti sneakers[/url] student qualifies for a subsidized Stafford loan. Students need to fill out a Free Application for Federal Student Aid (FAFSA) application that includes income details and each student is then [url=http://www.mquin.com/giuseppezanotti.php]giuseppe zanotti pas cher[/url] given a number known as the Expected Family Contribution calculated from the income figures provided.
About two-thirds of all subsidized Stafford loans are allocated to students whose parents have an Adjusted Gross Income of under $50,000 per year. A further one-quarter of subsidized loans are awarded to those in the $50-100,000 per year range. At this point however the definition of the term 'need' gets a bit fuzzy and slightly under one-tenth of subsidized loans are allocated to students whose combined family income is over $100,000.
In the case of those [url=http://www.thehygienerevolution.com/barbour.php]barbour paris[/url] students who do not meet the requirements for a subsidized loan the majority will be eligible for an unsubsidized Stafford loan. Here the main difference is that the student will be required to meet the interest payments on the loan, although once again payment do not usually begin until six months after the end [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] of the student's course of study.
Unsubsidized Stafford loans can be reasonably costly because interest builds during the period of study and so the capital sum for eventual repayment will also grow. Let's consider an extremely simplified example.
Say a student borrows the sum of $5,000 in his first year of study at an interest [url=http://www.maximoupgrade.com/hot.php]hollister[/url] rate of 6.8%. After one year the interest accrued will be $340 which will be [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] added to the loan. In the next year the student will accrue interest on $5,340 at 6.8% which will come to about $363 increasing the total borrowed at the end of the second year to $5,703. Naturally this example is not completely accurate because interest is in fact calculated and added on a monthly basis but it does nevertheless [url=http://www.ilyav.com/uggpascher.php]boots ugg pas cher[/url] illustrate the principles of this type of loan.
Dependent upon the amount of money that is borrowed each year [url=http://www.maximoupgrade.com/hot.php]hollister france[/url] and the time before repayment begins it can be seen that students can pay a relatively high price for the benefit of delaying the repayment of a Stafford loan.
In spite of the seemingly high cost it needs to be remembered that many of the alternative methods of funding a college education can be considerably more costly and that a lot of students would [url=http://www.davidhabchy.com]barbour outlet[/url] not be able to afford to attend college without a Stafford loan.
TheStudentLoansCenter.com provides information on and
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