FAFSA Loan - The Truth About FAFSA Loans: FAFSA Stafford Loans,
FAFSA PLUS Loans and FAFSA Consolidation Loans

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Student Loan Eligibility

• “Is he/she going to be a freshman this fall?” If a student had already obtained a Stafford Loan, then they were expected to use that lender throughout their undergraduate program if they stayed at the same place of higher learning. By establishing that the education loan applicant was in their first year of college, then they would be able to become a customer.

• was the student a single U.S. citizen under the age of 24, with no dependents, attending full time, and not a veteran?

Note that parents cannot be eligible to take out a PLUS loan if the child student is 24 or older on January 1 of the current academic year. If the student was married or had children of his/her own then also they would not be eligible. I believe that non citizens are eligible.

We would ask if they had any other children attending college. This didn't affect eligibility, however it was a good source of more leads and more potential loans.

DEPENDENT STUDENT:

The college loan Officer would then tell the Dependent Freshman / Sophomore etc, you may receive up to $xxxxx under the Stafford Program. The amount varied depending on what year of school the student is.

Aristotle said that "A whole is that which has a beginning, middle and end". In sales talk, according to infomercial producer, Anthony Ciavatta, that means the script must present a problem (beginning), introduce a product to solve the problem (the middle), and finally create a desire to get that product (the end).

So first, the educational loan consultant must introduce the problem of the cost of attendance and the inability of the Stafford Loan to meet it:

Cost of Attendance

The student loan officer would then point out the Cost of Attendance for the college. If it was about $20,000 per year, we'd say that leaves about $17000 in school fees, and ask them how they expect to cover the remaining cost of college?

A good education loan provider such as ourselves would then suggest the solution of the Federal PLUS college loan:

Parents of students are offered the PLUS Program by the Government so they may be entitled to obtain low cost Federal funding for a child's college career. We'd then say "The privacy Act means I would need to speak with them directly. Would you like me to do this for you?"

FAFSA PLUS and Stafford Loans (continued)

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