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Summary: In order to apply for Stafford loans, a promissory note needs to be signed and an individual needs to start repaying the loans 18 months after graduation. Get in touch with a financial adviser before applying for a Stafford loan with help from a registered financial consultant in this free video on Stafford loans.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial advisor Patrick Munro talking about how to apply for Stafford loans. In this credit crisis that we find ourselves in, college funding has also been severely hit as a result of the types of loans that are now available to the typically student and or their family. Stafford loans are basically loans that the student can take on. There's a percentage of debt that does apply in the overall ticket of their financial education. It's primarily a situation that is back fill type of funding, whereas the parent plus loans or endowment loans, the direct student grants that they do receive because they're an excellent student candidate, those are the first loans that come in. And at the end it's approximately fifteen percent of the overall aids and overall type of dollars that are involved in year of college education that the student does take on. There's a promissory note that they sign, and they're required to start paying on that loan approximately eighteen months after graduation. Presumably they would have a job at that time. Primarily Sally Mae and Freddie Mac as well have been the guarantors of those loans, but those two institutions have come under severe pressure in the credit crisis, so the world of Stafford loans is always changing. It's great to get in touch with a financial adviser that knows their way around the college funding landscape, and this way you too will learn how to apply for Stafford loans. This is financial advisor Patrick Munro."
eHow Article: How to Apply for Stafford Loans
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