Federal Stafford Loans are the most common and one of the lowest-cost ways to pay for school. They are fixed-rate federal student loans for undergraduate and graduate students attending college at least half-time.

Benefits
Stafford loans have a number of great benefits and they are guaranteed by the government. They can be used to pay for tuition, housing, books and more.
One of the most important benefits is the fixed interest rate of 5.60% subsidized undergraduate while their unsubsidized counterparts have a fixed rate of 6.8%.

There are also additional benefits such as no credit check and no payments until after graduation.  

Eligibility – A few of the conditions to meet:

Be a U.S. citizen or eligible noncitizen.

Have a high-school diploma or its equivalent, or have been resolute to have the ability to benefit.