{"id":111329,"date":"2021-06-10T05:14:11","date_gmt":"2021-06-10T05:14:11","guid":{"rendered":"https:\/\/www.healthbenefitstimes.com\/glossary\/?p=111329"},"modified":"2021-06-10T05:14:11","modified_gmt":"2021-06-10T05:14:11","slug":"stafford-loans","status":"publish","type":"post","link":"https:\/\/www.healthbenefitstimes.com\/glossary\/stafford-loans\/","title":{"rendered":"Stafford loans"},"content":{"rendered":"

A federally subsidized loan program under which banks, credit unions, other financial institutions, and sometimes schools lend money to undergraduate and graduate college students who have no previous federally subsidized loans; formerly called Guaranteed Student Loans (GSL). Amounts available (as of 1990) vary: up to $2,625 a year for the first two years of undergraduate study; up to $4,000 a year after two years in a bachelor\u2019s degree program; and up to $7,500 a year for graduate study. The maximum available for undergraduate study altogether is $17,250 and for undergraduate and graduate study together is $54,750, though in no case can this be more than the actual cost of the education, minus any other financial aid the student receives. The student signs a promissory note, and the funds will be lent to the school and then paid either directly to the student or into the school\u2019s credit account, less a 5-percent origination fee and up to a 3-percent insurance premium. Interest charged is only 7 to 9 percent, and the repayment period is at least five and up to 10 years. Repayments of at least $50 a month do not begin until six to 12 months after the student either leaves school or drops below half-time, though payments may be further delayed under certain circumstances.<\/p>\n

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A federally subsidized loan program under which banks, credit unions, other financial institutions, and sometimes schools lend money to undergraduate and graduate college students who have no previous federally subsidized loans; formerly called Guaranteed Student Loans (GSL). Amounts available (as of 1990) vary: up to $2,625 a year for the first two years of undergraduate […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-111329","post","type-post","status-publish","format-standard","hentry","category-s"],"yoast_head":"\nStafford loans - Definition of Stafford loans<\/title>\n<meta name=\"description\" content=\"A federally subsidized loan program under which banks, credit unions, other financial institutions, and sometimes schools lend money to undergraduate and graduate college students who have no previous federally subsidized loans; formerly called Guaranteed Student Loans (GSL). Amounts available (as of 1990) vary: up to $2,625 a year for the first two years of undergraduate study; up to $4,000 a year after two years in a bachelor\u2019s degree program; and up to $7,500 a year for graduate study. The maximum available for undergraduate study altogether is $17,250 and for undergraduate and graduate study together is $54,750, though in no case can this be more than the actual cost of the education, minus any other financial aid the student receives. The student signs a promissory note, and the funds will be lent to the school and then paid either directly to the student or into the school\u2019s credit account, less a 5-percent origination fee and up to a 3-percent insurance premium. Interest charged is only 7 to 9 percent, and the repayment period is at least five and up to 10 years. Repayments of at least $50 a month do not begin until six to 12 months after the student either leaves school or drops below half-time, though payments may be further delayed under certain circumstances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.healthbenefitstimes.com\/glossary\/stafford-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stafford loans - Definition of Stafford loans\" \/>\n<meta property=\"og:description\" content=\"A federally subsidized loan program under which banks, credit unions, other financial institutions, and sometimes schools lend money to undergraduate and graduate college students who have no previous federally subsidized loans; formerly called Guaranteed Student Loans (GSL). 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