Most students need guidance when it comes to learning about financial aid. When you want to secure a Stafford Federal student loan, you must first file your FAFSA at the FAFSAonline.com website, since it will save you a lot of time. Three to four weeks later, the student will receive a copy of their Student Aid Report and about a week later the student needs to look for a financial aid award letter from the school to which he or she has applied. The letter from the school will spell out the form of the aid, and the amount that you are eligible for.

Armed with the award letter, in case the student has been approved a Stafford Loan, he or she can then apply for free and obtain a promissory note that has to be signed by the student. This promissory note will also contain the filing instructions. The Federal Stafford Loan is one of the guaranteed loans offered at a low interest rate that are available to students. These federal student loans are either subsidized or unsubsidized.

The government pays the interest on subsidized loans at the time that the student is still in school and for a six month grace period after the student has left the school. The interest on an unsubsidized federal student loan begins to accrue from the date of disbursement. The student may receive a subsidized loan as well as an unsubsidized loan during the same enrollment period.

It is also possible for the student to take his or her federal student loan and consolidate it. Federal student loan consolidation is available and it provides all the required information for the student to take advantage of this repayment program. With federal student loan consolidations reaching unprecedented lows it has become advantageous to the student to receive federally guaranteed protection by using one of these programs.When you use one of the consolidation programs you're taking advantage of guaranteed protection offered by the federal government.

The Federal PLUS loan is a great loan program that is very helpful to parents. It helps the family meet college costs at rates of interest that are below those of the market, and are also supplemented with generous terms. This type of federal loan is available any time of the year, offers single-digit interest rates, and you can fund 100% of your college expenses.

Approval is very fast, and it offers the added benefit of the interest being tax deductible. Take advantage of any federal assistance that you can. It's tax dollars at work.