If you have completed the fresh new FAFSA (Free App to possess Government Beginner Help), you understand this option of your own potential types of support is actually in the way of student loans, and you can particularly, Stafford Finance (labeled as Government Head Money). But what exactly is a beneficial Stafford Financing, and you may exactly what do you should know before you can deal with you to as school funding getting college or university?
What is actually an excellent Stafford Financing?
Simply speaking, a great Stafford Mortgage is a type of government help in the brand of a predetermined price payment borrowing from the bank financing that really must be paid off. Stafford Funds are distributed within the William D. Ford Government Direct Financing System predicated on financial you would like. Stafford Financing are accustomed to complement members of the family resources, plus grants, offers, and you can work-data applications.