Education Loans

When free aid isn’t enough to pay for college, you could deplete your savings or borrow against your home equity—or you could simply take advantage of the most popular financial aid, education loans.

Education loans are low-interest, federally guaranteed loans that don’t have to be repaid until after graduation. The amount and type of education loan programs for which you and your child are eligible will be outlined in the Student Aid Report—the form that’s generated by the Department of Education in response to the Free Application for Federal Student Aid—and could include:

	Federal Stafford Loans Student loans, such as the Federal Stafford Loan, are taken out in the student’s name with no collateral and no credit checks.

	Federal PLUS Loans If student loan aid doesn’t fill the gap, you could be eligible for a Federal Parent Loan for Undergraduate Students (PLUS) loan. Under this program, creditworthy parents can borrow up to 100% of the total cost of education for Dependent children, less other aid awarded.

	Private Loans Credit-based loans available to undergraduate, graduate and continuing education students and their parents. If your child does not qualify for a private loan, you may co-sign for them or get the loan on their behalf.

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