Oct
22
A Stafford Loan is one kind of student loan and is offered to eligible students enrolled in accredited American Institutions of higher education to help finance their education. In the Higher Education Act of 1965, title IV, the terms of loans is described. It guarantees repayment to the lender if a student defaults. The loans are guaranteed by the full faith of the US Government. These loans are offered at a lower interest rate than borrower would otherwise be able to get for a private loan. But there are strict eligibility requirements and borrowing limits on Stafford loans.
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