applying for student loans?

Question by biker chick in Indiana: applying for student loans?
I’m in the process of going to college hopefully in the nursing field, however i have been to my local community college, they just aren’t very helpful with telling me the necessary steps to apply for student loans, apparently i cannot get the federal pell grant or money from the school, i guess i have to apply for a stafford loan, what is this and what is the difference between subsidized and unsubsidized?? are there any other options for me? i am married and my hubby makes decent money so that’s why i can’t get the pell grant. any info would be appreciated, thnx!!
thx ! does help somewhat, my school did shove this paper at me to fill out FFELP Stafford, she pulled up my file and said i don’t qualify for financial aid bcause my EFC was 6800, she did not explain anything to me,! my hubby made like 70,000 last year so i don’t know how that will affect us either, and my credit is terrible?? anymore help???

Best answer:

Answer by NotAnyoneYouKnow

What your school should be offering you is a list of the participating Stafford lenders that make loans in your area.

There are two Stafford lender options – the Department of Education originates Staffords directly through the “Direct Loan” program, and regular, familiar banks make the same Stafford loans through their participation in the FFEL (Federal Family Education Loan) program.

Unless your school has opted to participate in the Direct Loan program (the far smaller program), you’ll need to find a participating lender to disburse your Stafford loan.

Most schools have a list – but if your school does not, you can either inquire at your own banking institution (particularly if it’s a larger bank like Chase or Bank of America or Comerica or Wells Fargo), or you can look at a site like for a list of lenders who make these loans in your area. You can visit here: to start that search.

Because the Stafford is a federally-derived loan, all banks that make these loans are required to offer the loan with the same terms – the same repayment, the same interest rate, the same fees, etc. It really won’t matter who you borrow your Stafford loan from.

You asked about subsidized versus unsubsidized – the subsidized Stafford is actually a form of need-based financial aid, and it is only offered to financial aid applicants who demonstrate “exceptional need” on their FAFSA applications (an EFC of 4041 or less). With a subsidized Stafford, the federal government pays all of the interest that accrues on the loan while the borrower is in school (and for 6 months after). Contrast that arrangement with the more common unsubsidized Stafford loan, where the interest accumulates unpaid while the borrower is in school, and gets added to the amount owed.

With the government picking up the interest payments, a subsidized Stafford borrower can potentially save quite a bit of money over the life of the loan.

A borrow can not apply for a subsidized Stafford, as I suggested, a subsidized Stafford would be part of your financial aid offer if you are eligible to receive one. There is an annual limit to the amount of subsidized Stafford that an aid applicant can receive, so it is very typical to see an aid offer that includes both a subsidized and an unsubsidized Stafford loan. Students who are offered both are assumed to need both.

As a married student, you are a financial aid independent, which means that you’ll be qualified to borrow up to $ 9500 in Stafford funds as a first year college student. That should be more than sufficient to cover the costs of a year of community college education. If you need to borrow money to afford school, the Stafford is definitely the way to go – thanks to the government’s guarantee of the Stafford program, this is the cheapest and best form of educational loan available to all but the poorest of college students (they qualify for the Perkins loan program).

I hope that helped you – good luck!

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Today more students are taking on larger amounts of federally-backed loans to pay for a higher education than ever before. That’s why it’s imperative that po…
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4 thoughts on “applying for student loans?”

  1. This bring to mind a thought for everyone! We know the government makes a
    lot of money on student loans 52 billion $…. I believe! We all need help
    for those you have these government and private loans! Public Service
    announcement for help!
    Go to A great you tube video there on how
    these loans have effected students it is tragic what has happened to some
    of them!
    These people really help the students´╗┐

  2. Larger debt with fewer jobs and lower pay when you get out of school. This
    country is headed for toilet. End NAFTA, limit imports. Force the
    corporations to manufacture in America. If the corporations refuse to
    manufacture in America then close the American markets to their products.
    Protect those that manufacture here. The Neo/Con agenda is clear. Loan
    delinquency should be no surprise.

  3. @rickbar123 but it seems the neo-con agenda is clear. They don’t want an
    empowered society. they don’t want a successful society. They just want to
    fucking rule. They work hard to make life more difficult for everyone. Why
    is this? Can it be simply for money? It might be and they’re too dumb to
    see what they are doing? I am hoping this is the case otherwise I think
    these guys don’t belong in our species. Something must be done we are both
    definitely correct on that rickbar!!

  4. @rickbar123 ranging from students, professionals, entrepreneurs. Pretty
    much they either study, work, or are running their own business. The same
    shit they would do in America the only difference is they chose to have
    more options open to them than the average american who is too afraid to go
    beyond the borders.

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