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Loans

Submitted by kevin.trulock on Tue, 07/14/2020 - 14:58

Generally, there are two types of student loans: federal and private.

  • Federal student loans and federal parent loans: These loans are funded by the federal government.

    • Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
    • Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
    • Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
    • Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

  • Private student loans: These loans are non-federal loans, made by a lender such as a bank, credit union, state agency or school.
Content Title: 
Loans