How to Apply for a Graduate Student Stafford Loan

If you're considering attending graduate school but can't afford tuition and living expenses, try applying for a Federal Stafford Loan. The Subsidized Stafford Loans go to students in financial need. You aren't charged interest before you begin repaying your subsidized loan or during deferment periods. In contrast, Unsubsidized Stafford Loans aren't based on financial need and you're charged interest through full repayment. Follow these steps to apply.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Federal student aid application
• Master Promissory Note
• Federal income tax return

1. Determine your loan eligibility. Criteria for a Stafford Loan include U.S. citizenship, being a national, a permanent U.S. resident or an eligible noncitizen, enrolling in school at least half time and enrolling in a school participating in the Federal Family Education Loan Program.
2. Fill in the Free Application for Federal Student Aid (FAFSA) or a renewal FAFSA. Submit the application either online or by standard paper process.
3. Complete the Master Promissory Note after you've received your award notice. Contact your college's financial aid office to determine whether to return the form to your lender or your college.
4. Provide, if required, a copy of your most recent federal income tax return or your parents' form if you're a dependent. Your college's financial aid office notifies you if they require this additional information.

Tips & Warnings

• All graduate Stafford Loans given after July 1, 2006 have a 6.8 percent fixed interest rate.
• An alternate graduate student loan is the Federal Graduate PLUS Loan.

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