Student loans are available to students and parents to cover educational expenses. When all other forms of aid have been exhausted, student loans can be a good option. However, it is important to remember that student loans are intended to finance education and not lifestyle. Student loans are real money that must be repaid, with interest, so students should borrow only what they need.
Federal Perkins Loans
Perkins Loans are based on financial need and are awarded and borrowed directly from a college or university using federal funds. Loan Program Details
Federal Stafford Loans
Federal Stafford Loans are the most common student loans. These loan funds are provided by the U.S. Department of Education. There are two types of Federal Stafford Loans, subsidized and unsubsidized. Loan Program Details | Repayment Plans
Parent PLUS Loans
Parent PLUS loans are provided by the U.S. Department of Education to parents of dependent students to cover educational costs. PLUS loans may be borrowed in addition to or instead of Federal Stafford Loans. Loan Program Details | Repayment Plans
Grad PLUS Loans
Grad PLUS loans are provided by the U.S. Department of Education to graduate/professional students to pay unmet educational expenses. They may also be used as an alternative to private student loans.
Loan Program Details | Repayment Plans
Private educational loans are offered by private lenders and are not eligible for any federal student loan benefits, including loan forgiveness programs. Students should exhaust all other financial aid options before taking out a private loan. [Tips for Researching Private Loan Lenders]
- The grace period and interest rate vary by lender.
- The borrower is usually responsible for paying all interest that accrues from the time the loan is disbursed until the loan is paid in full.
- Deferment and forbearance options are usually limited and vary by lender.
- Calculate estimated loan payments with a repayment calculator.