You can choose to pay the interest or allow it to accumulate. If you pay the interest as it accumulates, you will repay less in the long run. The first step in applying for a Stafford Loan is to complete the Free Application for Federal Student Aid. You may submit a Stafford Loan application after receiving an Award Letter from the Office of Student Financial Aid. The schedule of the monthly sessions is in the Office of Student Financial Aid.
Parents are eligible to borrow up to the cost of education.
Repayment begins 30-60 days after disbursement of the funds. Borrowers must be registered at least half-time and show financial need. Both graduate and undergraduate students are eligible. There is no interest charged while you are in school. Under certain circumstances a portion of the loan may be canceled for designated public service.