If you are someone who wants to head back to college, but you are unsure about how you are going to handle the financial requirements of college, you might want to take a closer look at Stafford Loans. Regardless of credit history, most people are eligible to receive a Stafford Loan and these loans can provide you with just the extra money you need to supplement any grants, scholarships, work-study programs or personal resources you may have.

Who is Eligible for a Stafford Loan?

Nearly anyone going to college is eligible for receiving financial assistance through a Stafford Loan. Still, there are a few steps you will need to take in order to make certain your eligible for this type of loan. In general, the only requirements you will have to meet in order to be eligible for a Stafford Loan include:

· Be a U.S. citizen or national
· Be a permanent resident of the United States or an eligible non-citizen who has been accepted to a school participating in the Federal Family Education Loan Program
· Submission of the Federal Application for Federal Student Assistance (FAFSA)
· Enrolled or planning to enroll in school on a half time basis or more

If you are planning to apply for a subsidized Stafford Loan, you will also need to demonstrate a financial need, which is determined by the school you are attending.

What are the Benefits of Obtaining a Stafford Loan?

There are many benefits associated with obtaining a Stafford Loan. Some of these include:

· Flexibility – you can pay for your books, supplies, tuition or many other school-related needs
· Easy Repayment – there are no prepayment fees, you don’t have to worry about obtaining a guarantor and you don’t have to repay the loan as long as you are still in school
· Low Interest Rates – your loan interest rate is fixed and can be as low as 6% for the 2008-2009 school year and getting even lower over the next three years for subsidized loans
· Rewards – upon graduation, you can receive a 2% graduation reward that is based on your outstanding principal balance

The bottom line is that a Stafford Loan may provide you with just the extra money you need to make your dreams of obtaining a college degree a reality. Get the money you need now and don’t worry about repayment until after you have graduated and have obtained the job you have long wanted to have!