As long as your friend has completed the FAFSA, he/she should be eligible for either a subsidized or unsubsidized Stafford loan (depends on his/her federal need.) The current rate is about 6.8% so this is better than most conventional or alternative loans which are running on average of 10%. Also, payments are deferred until the student graduates or drops below 1/2 time status. The subsidized Stafford does not accrue interest while the student is in school and the unsubsidized Stafford does accrue interest. However, this interest can be deferred until repayment begins or the student can opt to pay the interest monthly while still in school. The Stafford loan is in the student’s name and no co-signer is required — only 2 references (which can be family members.) Once your friend is accepted to a college, he/she should receive a financial aid award letter which is calculated using (among other things) the EFC (expected family contribution) which is on the FAFSA. If he/she indicated an interest in loans on the FAFSA and there is need, most schools will include the loan in the financial aid award letter.

Here are the steps you need to take:

1) Fill out the FAFSA. This will determine if you are eligible for financial aid. Go here:

http://www.fafsa.ed.gov/

2) Once you are eligible for aid, choose a government-based student loan. The best loan to get is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don’t need a cosigner or good credit for it. For more info go here:

http://www.studentfinancedomain.com/student_loans/perkins_student_loans.aspx

3) The next best loan to get is a Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan. Learn more here:

http://www.studentfinancedomain.com/student_loans/subsidized_stafford_loan.aspx

4) You can also try to get a grant or scholarship, which is free money that you won’t have to pay back. Look here:

FedMoney.org Home

http://apps.collegeboard.com/cbsearch_ss/welcome.jsp

http://www.freegovmoney.net/

http://www.educationplanner.com/education_planner/paying_article.asp?sponsor=2859&articleName=Grants_and_Scholarships

http://www.studentawards.com/

http://www.college-scholarships.com/

Good luck!

Usually the best place to get a loan is through your financial aid office at the school. Just ask is there any loans available, they’ll tell you to fill out paper work. The next place to get a loan is a bank.

yes, they absolutely can. when you closed your loan, you signed a paper that said just that. They can’t change your rate or payment amounts or anything. It’s really not a big deal. If it really bothers you, next time ask before you close.

after you apply for the pell grant you can get a stafford loan either through the college or through the stafford loan website. but you have to have the pell grant [fafsa] finished first

your friend can go here

http://www.staffordloan.com/

check with your financial aid office. That is the best place to start.