Unlike the Subsidized Stafford Student the Unsubsidized Stafford Student Loan does not allow you to have a six-month grace period before payments are due. With the Unsubsidized Stafford Student Loan you must start paying your payments even if you are still in school. The Unsubsidized Stafford Student Loan is one of the most popular student loans in the United States. Some students get around this by delay their loan and that amount is added to their total amount due balance. Then they start payments after six-months.
In order to apply for an Unsubsidized Stafford Student Loan you must first fill out the Free Application for Federal Student Aid (FAFSA). This must be the first thing that you do and you must do this to be qualified to receive any sort of student loan. There are almost eight million students that don not fill out the FAFSA each year and studies show that six million of the students would have qualified for federal aid and two million of them for low-income and eligible for Pell Grants, free money from the government that they would never have to pay back.
The best thing about an Unsubsidized Stafford Student Loan is its interest rates. Unlike a private student loan is that your federal student loans have pretty good interest rates. You should take a look at the Stafford and Perkins Student Loans; they have excellent rates that you should not miss out. The Stafford Student Loan interest rates were cut when the College Cost Reduction Act of 2007 was applied. By 2012 the Stafford Student Loan rates will be cut down.
Always remember that with an Unsubsidized Stafford Student Loan, you must start paying the interest. The Unsubsidized Stafford Student Loan offers you a six-month grace period following graduation. There are four different student loan repayment options; one is a standard-fixed monthly payment for ten years. You may also get an extended-standard or graduated monthly payments up to twenty-five years, some graduated-payments start off small and get bigger. There is also an income sensitive option where your monthly payments are relative to your income leve.