Student Loans
If scholarships, grants and work-study funds
are not enough to pay for college (including tuition, books
and living expenses), student loans can help fill the gap.
Perkins Loan: The most affordable federal loan, Perkins Loans
are available to students with exceptional financial need.
Undergraduate students can borrow up to $4,000 ($6,000 for
graduate students) in their own name, without a credit check.
Perkins loans are made by the school, with government funds.
To be eligible for a Perkins loan, students must have already
applied for the Federal Pell Grant.
Federal Stafford Loans are federally guaranteed, simple-interest loans in which the student borrows money in his or her own name. The Federal government may pay your interest while you’re in school, and repayment is deferred (delayed) until after graduation. Federal Stafford Loans do not require a credit check. To qualify for a Federal Stafford Loan, complete the Free Application for Federal Student Aid (FAFSA).
Federal Parent PLUS Loans are low-interest loans that allow parents of undergraduate students to borrow up to 100% of their student’s college costs, including tuition and living expenses. Parent PLUS Loans are based on creditworthiness and are subject to some of the general requirements for federal student aid as determined by the Free Application for Federal Student Aid (FAFSA).
Private education loans are unsecured, credit-based loans available to students, parents or other adult sponsors who may act as co-applicants on the application if the student does not meet creditworthiness requirements.
Confused? Compare the different types of student loans to see which is right for you.
Quick Links:
» Scholarships
» Grants
» Student Loans
» Work Study
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» First Step: Completing The FAFSA
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Related Terms
» Financial Aid
» College Financial Aid
» Student Financial Aid