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Types of Student Loans

Types of Student Loans

Subsidized Federal Stafford Loan

Unsubsidized Federal Stafford Loan

• Eligibility is based on financial need.
• The federal government pays the interest while you are continuously enrolled in school at least half time, during your grace period, and during periods of authorized deferment.

• You may borrow up to the Cost of Attendance (COA) minus any other aid received, including any subsidized Stafford Loan amounts you may have been awarded.
• You are responsible for paying all interest, which will begin to accrue as soon as the loan is disbursed. You may choose to pay the interest as it accrues or defer it as long as you are enrolled at least half time, during your grace period, and during periods of authorized deferment.

Federal PLUS Loan

Private or "alternative" Loan

• A non-need-based loan available to graduate and professional students (for themselves) and to parents (for their dependent undergraduate student). You may borrow up to the Cost of Attendance (COA) minus any other aid received.
• You are responsible for paying all interest, which will begin to accrue as soon as the loan is disbursed.
• To be eligible, you must not have negative credit history.
• For graduate and professional student borrowers, the principal may be deferred as long as you are in school. For parent borrowers, the first payment is generally due within 60 days after the loan is fully disbursed. However, for loans first disbursed on or after July 1, 2008, parent borrowers may request to postpone payments while the student is enrolled at least half time.

• Eligibility requirements are determined by each private loan provider/lender.
• Alternative loans should be utilized ONLY after you have exhausted all federal loan eligibility.
• Check with your school's financial aid office to determine if an alternative loan is the best option for you.