Graduate
and Medical students
- if you need funds to expense your college education, turn to the experts at
Education Loan Center, a division of Goal Financial, and get started with a Federal
Stafford Loan. Our personalized service includes step-by-step guidance
through the entire student loan application process. We've helped hundreds of
thousands of borrowers with education financing and we can help you, too.
What is a Stafford Loan and is it For Me? The Federal Stafford Loan is a
common low-interest education loan designed for undergraduate and graduate
students. This is a "federal loan" meaning that it is backed by the
federal government. Stafford Loans are a form of self-help aid for students.
Goal Financial offers Stafford Loans for both Graduate and
Medical Students, only.
There are two types of Stafford Loans: subsidized and unsubsidized. You become
eligible for a subsidized Stafford Loan based on your financial need. If you
qualify, the federal government will pay the interest on your loan until you
begin repayment. Your eligibility is determined by your school financial aid
office. The unsubsidized Stafford Loan is for students who do not qualify for
need-based aid. Interest accrues while you are in school. It is possible to
receive both a subsidized and unsubsidized Stafford Loan for the same period,
but the combined total may not exceed the annual loan limit.
Benefits of the Federal Stafford Loan
Deferred repayment until six months after you graduate, leave school, or drop
below half-time status.
A fixed interest rate, of 6.8%1.
No credit check required.
No income restrictions or collateral requirements.
Prepayment in full any time without penalty.
Tax deductible interest for some borrowers.2
100% loan forgiveness in case of death or total and permanent disability.
Borrowing Limits
Graduate students- Per year...$20,500 (at least $12,000 must be in unsubsidized
loans)
Med students Per year..$40,500
Who is Eligible?
Goal Financial offers Stafford Loans for both Graduate and Medical Students.
The Financial Aid Office determines your eligibility based on the information
you provide in the FAFSA (Free Application for Federal Student Aid). Federal
eligibility includes the following:
Enrollment at least half-time in an eligible program.
Satisfactory academic progress, as determined by the school.
US citizenship or eligible non-citizenship status.3
No unresolved defaults or overpayments owed on federal educational loans or
grants.
Interest Rates and Fees
Stafford Loans have a fixed interest rate of 6.8% for loans with a first
disbursement on or after July 1, 2006. Loan fees may be deducted from your loan
principal at disbursement and may consist of an origination fee of up to 1.5%,
and a federal default fee of 1% depending on the Guarantee
agency.
When to Apply
Ideally, Medical and Graduate students should contact Goal Financial in January
of the year they plan to begin school. However, you can apply for a Federal
Stafford Loan until the end of each academic year.
Repaying Your Federal Stafford Loan
Take up to 10 years to repay your Federal Stafford Loan and choose from
flexible repayment plans. You can pay off your loan anytime with no prepayment
penalty. Or Goal Financial can consolidate the loan and extend the repayment
period, giving you lower monthly payments.
Subsidized Stafford: Federal government pays (subsidized) interest while
student is in school at least halftime and during six-month grace period after
student leaves, graduates, or drops below half-time enrollment and during
authorized deferment periods.
Unsubsidized Stafford: Federal government does not pay interest. It's
billed quarterly; borrower may pay interest monthly, quarterly, or have it
capitalized upon repayment. Monthly payments on principal follow six-month
grace period after student leaves, graduates, or drops below half-time status.
Additionally, Goal Financial offers loan consolidation which may extend your
payment period and reduce your monthly bills.
Apply now online or call us at 888-696-5637. We'll help you
complete your application, estimate your payment amount, and answer all your
questions.
For Federal Stafford Loans disbursed on or after July 1, 2006.
Consult your tax advisor for individual eligibility.
An eligible non-citizen is considered eligible if he or she meets all other
applicable eligibility criteria and is: a U.S. national (includes natives of
American Samoa, Guam or Swain's Island), a U.S. permanent resident who has an
I-151, I-551, or I-551C (Alien Registration Receipt Card). If you are not in
one of these categories, you must have an Arrival-Departure record (I-94) from
the U.S. Immigration and Naturalization Service (INS) showing one of the
following designations: a) Refugee, b) Asylum Granted, c) Indefinite Parole
and/or Humanitarian Parole, or d) Cuban-Haitian entrant, Status Pending, e)
Conditional Entrant (valid only if issued before April 1, 1980).
