Get a student loan to pay for college expenses!
After you've determined how much money you can get from grants and scholarships you may still have to take out a student loan to pay for a portion of all of your education. The nice thing about most student loans is that they don't have to be paid back until you have completed your education. There are several types of Federal Loans and Private Loans for students, and their parents. Federal student loans have some benefits that private loans don't have, such as low fixed interest rates, income-based repayment plans, and loan forgiveness and deferment options. Private Student Loans have delayed payment plans, aren't "needs" based, and in many cases, can be easier to qualify for than a Federal Student Loan.
For Federal Stafford Loans and Perkins Loans, if you demonstrate financial need, the U.S. Department of Education will pay the interest that accrues on this loan during certain periods. These loans are made through one of two U.S. Department of Education programs:
- Federal Family Education Loan (FFEL) Program
- These loans are paid back to the bank or private lender that made the loan.
- William D. Ford Federal Direct Loan (Direct Loan) Program.
- These loans are paid back to the U.S. Department of Education.
Depending on your situation, one of the following loan types will suit you best.
You should always shop and compare loans, just like any other purchase. Find the
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Federal Parent PLUS Loans
Federal Parent Plus Loans are available for the parents of Undergraduate Students through the FFEL and Direct Loan Programs. This student's parents loan enables parents and legal guardians with good credit histories to borrow up to the total cost of undergraduate education for their dependent children. A Federal PLUS Loan can be used for tuition, room and board, supplies, lab expenses, and travel less any other aid. Each child must be a dependent undergraduate student enrolled at least half time in an approved college or university.
GradPLUS Student Loans
Available for Graduate Students. A low interest, federally subsidized, student loan guaranteed by the U.S. Government. Borrow up to the total cost of education less any aid already awarded. This student loan allows graduate students to borrow the total cost of graduate education including tuition, room and board, supplies, lab expenses, and travel, less any other aid.
Perkins Student Loans
Perkins Student Loans are available for Undergrad and Graduate students. A low interest federal student loan for graduate and undergraduate students. The college acts as the lender using a limited pool of funds provided by the federal government. Once that "pool of funds" has been distributed, no more awards can be made for that year, so get your applications in early! These student loans are reserved for low-income students and are awarded based on exceptional financial need. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled.
Stafford Student Loans
Stafford Student Loans are available for Undergrad and Graduate students that are enrolled as at least a half-time student. They can be either FFEL or Federal Direct Loan Programs. Stafford Loans can supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need. Schools generally participate in either the FFEL or Direct Loan program but sometimes participate in both. Under the Direct Loan Program, the funds for your loan come directly from the federal government. Funds for your FFEL will come from a bank, credit union, or other lender that participates in the program. Stafford Student loans don't have to paid back until 6 months after graduation. It's possible to get both a FFEL and a Direct Stafford Loan, but not both types for the same enrollment period. A credit check is not required for a Stafford Loan.
Private Student Loans
Private Student Loans can be used to cover tuition, living expenses, books, computer equipment, and even past-due tuition bills. Private Student Loans are taken out by
the student, but can also be co-signed by a parent. Parents usually have better credit histories, and a cosigner may help you get better interest rates on your private student loan.
Apply now for your private student loan with our partner, SimpleTuition.com.
There are no payments due until 12 months after graduation.
Now that you know
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If, after college, you enlist in certain occupations or programs, the federal government will cancel all or part of your Federal Student loans. This practice is called Loan Forgiveness. To qualify, you must:
- Perform volunteer work;
- Perform military service;
- Teach or practice medicine in certain types of communities; or,
- Meet other criteria specified by the forgiveness program.
Talk to the HR Department with your employer to find out whether you qualify for loan forgiveness.
