Is it easy to get a Federal Stafford Loan?

Discussion in 'General Distance Learning Discussions' started by Sowak777, Dec 22, 2008.

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  1. Sowak777

    Sowak777 New Member

    Is it easy to get a Federal Stafford Loan? I am able to come up with the money for exams and the few courses that I need, but to graduate from TESC, I am going to need a loan. Can I get a Stafford loan for TESC if I do not need any credits from TESC? Will I need to enroll for at least 6 credits to be able to get a loan? Any help would be appreciated. Thanks.
     
  2. cookderosa

    cookderosa Resident Chef

    >>

    I had no trouble getting a loan, but I don't think I can answer how easy it is- If you don't have any loans or child support in default, it should be "easy" enough to apply.

    Yes, you need to take 6 credits for each of TESC's 4 terms for sure. The loan (and pell grant if they give you one) is cut in 1/4 and you get one for each quarter you are enrolled in 6 credits. You'll have to do the math to see when you break even, but if you end up with a balance, they will send it back to you in the form of a check 45 days into the semester. Also, I don't know what they do with the enrollment fee, as I paid mine before my first payment came in. When I earned my first associates, even though a balance would be outstanding, the fact that aid was to be dispersed, it was ok to move forward- I have heard others say that TESC is that way too.

    So, you might have your enrollment fee and 6 credits for the first term which would be about $3,000 but your student loan dispersement would be only 1/4 of $5500 ($1375) which still leaves you a balance due. You'll need to ask how that works. If you get a Pell, it will cover above and beyond what you will owe for 6 credits per term (dispersed in 1/4), and you will get a refund to use for whatever you want.
     
  3. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    Stafford Loans are not based on your creditworthiness. From that perspective, they're fairly easy to get. So long as your previous student loans are not in default. Moreover, Stafford Loans do not fall due until six months after you graduate, drop out, or drop below half-time. And Stafford Loans from prior degrees can be placed in forbearance while in grad school.
     
    Last edited by a moderator: Dec 22, 2008

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