Q: What is the Stafford Loan interest rate?

A: For the 2006-2007 school year, the rates are:

• In school/in grace: 6.543%
• In repayment: 7.143%
• New Stafford Loans (disbursed after July 1, 2006) will be fixed at 6.8%

For the 2005-2006 school year, the rates are:

• In school/in grace: 4.70%
• In repayment: 5.30%

Q: What can I use a Stafford Loan for?

A: Stafford Loans can be used towards the total cost of education – tuition, room and board, books, and other education-related expenses.

Q: Where can I use a Stafford Loan?

A: Stafford Loans can be used at any eligible school which accepts them. Take a look at the Student Loan Network Eligible Schools Directory for information about which schools accept which loans.

Q: What are the deadlines for Stafford Loans?

Unfortunately, there is no single set deadline for Stafford Loan applications; you will need to contact your school’s financial aid office to obtain deadlines for your specific institution. Read the rest of this entry »

WITH INTEREST RATES at their lowest levels in years, mortgage brokers and bankers are taking more calls than New York’s quit-smoking hotline. But don’t let the frenzy lure you into the wrong type of mortgage. You’ve got several options to choose from, and believe it or not everyone should go with a 30-year fixed-rate mortgage, even if it is at a rock-bottom rate.

To help you figure out which mortgage is right for you, we’ve created profiles of six common mortgage shoppers, from someone who is temporarily cash-poor to someone in search of a “jumbo” mortgage of more than $359,650 ($539,475 in Alaska and Hawaii). Everybody’s situation, of course, is different and yours might not be perfectly matched here. But this approach is a good way to learn about who uses the different types of loans available and where the best place is to get them. Read the rest of this entry »