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 Loan
*NOTE* The Perkins Loan Program is set to expire September 30, 2017. Absent Congressional action, no loans to new borrowers will be made after this date. Find answers to FAQs on the Federal Perkins Loan Wind-Down.
Perkins Loans are based on financial need and are awarded and borrowed directly from a college or university using federal funds.
Federal Stafford Loan
Federal Stafford Loans are the most common student loan. These loan funds are provided by the U. S. Department of Education. There are two types of Federal Stafford Loans, subsidized and unsubsidized.
Federal Parent PLUS Loan
Parent PLUS Loans are provided by the U.S. Department of Education to parents of dependent students to cover educational costs. Parent PLUS loans may be borrowed in addition to or instead of Federal Stafford loans.
Federal Grad PLUS Loan
Grad PLUS loans are provided by the U.S. Department of Education to graduate/professional student to pay unmet educational expenses. They may be used as an alternative to private student loans.
Student Loan Forms
Find loan deferment, loan discharge and loan forgiveness forms and more. Read More
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, and do their research when choosing a lender.
- 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.
The Consumer Financial Protection Bureau (CFPB) also provides valuable information on private student loans, including assistance with student loan complaints.
Financial Awareness Counseling
This interactive tool provided by the U.S. Department of Education helps student loan borrowers better understand their financial obligations. Read More
Products and services are available to help student loan borrowers avoid the serious consequences of default. From making responsible borrowing decisions while in college to successful repayment, assistance is available to help borrowers throughout the student loan process. Read More