If I am in my senior year of college and I apply to master's programs this fall (hoping to get accepted to a UK one for 2010 school year) when should I apply for the Stafford Graduate Loan? Can I do it before I am accepted? Thanks!

You must be enrolled before you apply. The reason being is that when you apply for a Grad Stafford loan the lender sends a certification letter to the school. Then, the school certifies that you are a student and sends it back to the lender. If you are not a student at the time you apply the school will just reject it.

Thanks, I appreciate it!