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Type of Student Loans

As you go through the application process, it is beneficial to understand the most popular sorts of government loans available in the United States.

There are four types of federal student loans:

Stafford Loan

Subsidized and unsubsidized loans for eligible students to help pay for higher education at a four-year college or university, community college, trade, career, or technical school.

PLUS Loans

Loans taken out by graduate or professional degree candidates and parents of dependent undergraduate students to help pay education expenses not covered by other financial aid.

Consolidation Loans

Fixed-rate loans combine all your eligible federal student loans into a single loan with one monthly payment. Direct PLUS Consolidation Loans also include Parent PLUS Loans and grad PLUS Loans. You can consolidate your eligible federal student loans into a Direct Consolidation Loan through the William D. Ford Federal Direct Loan Program.

Perkins Loans

Low-interest loans available to undergraduate and graduate students with exceptional financial needs. Funds are limited, so not all students who qualify will receive a Perkins Loan. You may be able to consolidate your Perkins Loan into a Direct Consolidation Loan. Or, if you work in specific public-service jobs, you may qualify for loan forgiveness after making 120 monthly payments on your Perkins Loan.

You must complete and submit the Free Application for Federal Student Aid (FAFSA) form to get any of these loans.

Stafford Loans

You can apply for a subsidized or unsubsidized Stafford Loan through the William D. Ford Federal Direct Loan Program. If you have financial needs, you may be able to get a subsidized Stafford Loan. With this type of loan, the U.S. Department of Education pays the interest while in school at least half-time, during your grace period, and deferment periods. For an unsubsidized Stafford Loan, you are responsible for paying the interest even while you are in school and during deferment or forbearance periods.

PLUS Loans

If you are a graduate or professional degree candidate or the parent of a dependent undergraduate student, you can apply for a PLUS Loan through the William D. Ford Federal Direct Loan Program. With this type of loan, you are responsible for paying the interest even while you are in school and during deferment or forbearance periods.

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