Federal Student Loan Consulting
  • STUDENT LOANS 101

Student Loans 101 /
Types Of Student Loans
/

Federal Subsidized
​​Direct loans | Perkins loans

Eligibility

  • School of attendance must be accredited by the Department of Education

  • Based on unmet financial need and other criteria

Pros
​- The government pays the interest during in-school, grace, and authorized deferment periods unless you lose subsidy

- Comes with grace period period

- Offers various repayment plans

- ​Provides you with options for postponing or reducing payments

Cons
​- Have loan limits that may not cover the full cost of attendance

Federal Unsubsidized
​​Direct loans | PLUS loans 

Eligibility

  • Based on unmet financial need and other criteria
  • Direct PLUS loans—Based on credit worthiness and may require an endorser 
  • School of attendance must be accredited by the Department of Education

Pros
- ​A grace period (Direct Unsubsidized loan only)

- Various repayment plans

- Options for postponing or reducing payments

Loan forgiveness and discharge available​

- For Direct PLUS loans made on/after July 1, 2008 to a student borrower, a deferment while you're in school and to cover the 6-month period after you cease to be enrolled at least half time will be granted automatically​

- For Direct PLUS loans made on/after July 1, 2008 to a parent borrower, a deferment while you or your student are in school and to cover the 6-month period after you or your student ceases to be enrolled at least half-time is available upon verbal/written request.

Alternative Loans

Including: Private loans

Eligibility

  • Based on unmet financial need and other criteria
  • Based on creditworthiness and may require a co-signer