Student Loans

Click here to visit the Federal Student Aid site.

For undergraduate students with financial need (subsidized) or no financial need (unsubsidized). Your school determines the amount you can borrow.

HOW TO APPLY: Complete the FAFSA.

SUBSIDIZED VS. UNSUBSIDIZED LOANS (WHEN INTEREST IS PAID):

• Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

• Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods.

INTEREST: Current Numbers Here.

PAYBACK: After you graduate, leave school, or drop below half-time enrollment, you will have a six month grace period before you are required to begin repayment. You can apply for an income driven repayment plan.

Click here to visit the Federal Student Aid site.

FOR Restricted to the biological and/or adoptive parents, as well as step-parents of a dependent undergraduate student if they are on the FAFSA. The loan is taken out in the parent’s name and cannot be transferred. You cannot have an adverse credit history.

HOW TO APPLY Typically completing the FAFSA is required as early as possible and a modest credit check. You now have to apply for the PLUS Loan through the new federal loan website under "Parent Borrowers."

AMOUNT OF LOANS The maximum you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.

INTEREST  Current Numbers Here Interest accrues on this loan when it's disbursed to the school.

PAYBACK The repayment period begins on the date the loan is fully disbursed. Parents can request a deferment while their student is enrolled in school at least half-time. Interest does accrue from the time of full disbursement.

To learn about the differences between Private Loans and Federal Student Aid, click here.

HOW TO APPLY - Issued by a private lender like a Bank or Credit Union. May require an established credit report and a co-signer.

AMOUNT OF LOANS - You must check with institution you are applying with.

INTEREST - Varied interest rates. Varied fees usually dependent on your credit score and other factors.

PAYBACK - Many private student loans require payments while you are still in school. You need to make sure there are no prepayment penalty fees. These loans normally do not have any forgiveness options.

CO-SIGNERS - This is the student's debt, but if you co-sign, it is counted as your debt too!

Some colleges and states have their own loan programs so check the individual institutions for information.