Federal student loans are borrowed funds that you must repay with interest. This type of loan helps students and their parents pay for their college education. These loan offer low interests rates and payment schedules. These Federal loans offer many benefits that are better then getting a private loan.Many of these loan have low fixed interests rates,income based repayment plans and can be cancelled for different types of employments.Federal Perkins Loan: Your college is the lender payment is owed to the college that made the loan.For students the interests charges is five percent.Funds depend on students financial need and available of funds at the college. Undergraduate students up to 5,500 professional degree students up to 8,000.
Direct Subsidized Stafford Loan: You must be at least a half time student.You must have financial need.Graduate students are not charged interest while in school.Interest on this loan is 4.5% for undergraduate students and 6.8% for graduate students.The U.S. government is the lender.Loan amounts are 3,500 to 8,500 depending on grade level.
Direct Plus Loans for parents: This loan is for parents of dependent students.Borrower is responsible for all the interests.The interest for this loan is 7.9%. Must have a negative credit history.The U.S. is the lender on this loan. Maximum amount on this loan is cost of attendance minus any other financial aid the student receives.
Direct Plus Loans for Graduate Students: This loan is for professional and graduate students.Borrower is responsible for all the interest.The interest for this loan is 7.9%. You must not have a negative credit history.Must have applied for the annual loan maximum eligibility under the Subsidized and Unsubsidized Stafford Loan programs.
The government is the lender. Maximum amount is cost of attendance minus any other financial aid the student receives.
If you need some more funds you can check out Grad Plus but it does have strict credit criteria and comes with low fixed rates. You can also look online for sites that have financial aid options,grants ans scholarships. There are a variety of low interest rate loan programs typically with higher annual limit amounts and only for graduate students programs.
Make out a budget of your monthly bills and expenses this is important and the financial counselor can help with this.