What are Stafford Loans?

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A Stafford loan is a government-backed loan given to students for college tuition. Get approved for a Stafford loan by applying through the government financial aid Web site with help from an investment consultant in this free video on college loans.

Part of the Video Series: Personal Finance & Money Management
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Video Transcript

Good morning, I'm Roger Groh as Groh Asset Management. Today we're here to talk about how you can finance your college education or the college education of your son or daughter. It's expensive, have you looked at tuition these days? Where are you going to get the cash to do that? Well the United States government has setup a loan program that almost everyone qualifies for whether you have good credit or have bad credit, they're called Stafford loans. Be very careful to only get the US government website when it comes to Stafford. There are many websites that look like they're US government websites which are not. And the difference is that in one your information is secure with the government and it's cheaper. If you choose one of the non-US websites, I don't know what happens to your information and certainly the fees are higher. It's the same loan, but why do it? So anyway Stafford loans are a way that you can borrow money to pay for tuition for your education or your son or daughter's education. There are limits as to how much you can borrow meaning you shouldn't plan on going to Yale each year for 4 years on a Stafford loan but you may receive up to 10,000 dollars in order to help assist with your tuition. Almost anybody qualifies. One of the sites that you can go to is through the Unites States Department of Education and the website address is studentaid.ed.gov and they will tell you a little bit about the various financing options that you have including Stafford loans. From there I'd be very careful about what forms you file and be sure you do it through the United States government. Anyway that's a little bit about Stafford loans. I'm Roger Groh.

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