IAFF Financial Corporation

Federal Student Loan Information

Let’s face it -- more and more families have to borrow in order to pay for college. In fact, 54% of the $90 billion in total aid for the 2001-2004 academic year was in the form of student loans. The entire process of how to finance a college education can be both confusing and intimidating.

Although the interest rates for the Federal Stafford and PLUS loans are set annually by the federal government, Southwest Student Services Corporation* is able to offer IAFF members lower upfront fees, and interest rate reductions once borrowers go into repayment. These benefits vary depending on the state of residency and where you attend college.

How Do I Apply for a Student Loan?

Students first need to contact the Financial Aid Office at their school. The school’s Financial Aid Office will determine what types of financial assistance you are eligible for, including grants, scholarships, work-study, and loans. Most colleges and universities require students to complete the Free Application For Federal Student Aid, commonly known as the FAFSA to help determine eligibility. If eligible, the school’s Financial Aid Office may then offer the student a federal Stafford Loan and the parent a federal PLUS Loan as part of their overall financial aid package.

If you have been offered a federal loan from your school, you may choose your own lender in many cases. Lenders offer students different benefits, so check with your school for a list of their preferred lenders.

Southwest Student Services Corporation may be on your school's preferred lender list. By choosing Southwest, you will receive superior service and work with lender you can trust.

*IAFF-FC has created an alliance with Southwest Student Services Corporation to assist IAFF members and their families with the financial aid process, and to offer its members some of the best benefits and financial discounts in the country for Federal Stafford and PLUS Loans.

•	Arizona & Florida Special programs for Federal student loans.

•	About... How to choose a lender.