Stafford Student Loans: The Obama and Fallon Jam

Jimmy Fallon and Barack Obama recently held a news jam session to promote keeping rates on Stafford student loans from increasing. According to “Federal Stafford loans are fixed-rate student loans for undergraduate and graduate students attending college at least half-time. Stafford loans are the most common and one of the lowest-cost ways to pay for school. Learn more about Stafford Loans.”

To qualify for a Stafford Loan:

  • You must have submitted a FAFSA to be eligible for a Stafford loan.
  • For subsidized Stafford loans, you must have financial need as determined by your school.
  • You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
  • You must be enrolled or plan to enroll at least half time.
  • You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.
  • You must not be in default on any education loan or owe a refund on an education grant.

US News reported, “the House will vote on a Republican bill to keep Stafford student loan interest rates at 3.4 percent. The $5.9 billion proposal would be paid for by cutting money from President Obama’s healthcare overhaul.”

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