Stafford Loan

These loans are made through one of two U.S. Department of Education programs:

1. William D. Ford Federal Direct Student Loan Program referred to as Direct Stafford Loans (or Direct Loans).
   Eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Loans consist of Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.

2. Federal Family Education Loan (FFEL) Program referred to as FFEL Stafford Loans (or Federal Stafford Loans). Private lenders provide funds that are guaranteed by the federal government.FFEL Loans consist of FFEL Stafford Loans, FFEL PLUS Loans and FFEL Consolidation Loans.

   As with all federal student financial aid, you apply for a Stafford Loan by completing the FAFSA. A separate loan application is not required.

   However, you’ll need to sign a promissory note,* which is a binding legal contract that says you agree to repay your loan according to the terms of the promissory note.* Read this note carefully before signing it and save a copy for your records.

   However, if you demonstrate financial need, the U.S. Departmentof Education will pay the interest that accrues on this loan during certain periods.