Find a Student Loan
| Loan Type | Who? | Pros | Cons |
|---|---|---|---|
| Perkins Loans | Undergraduate and Graduate Students | Low fixed interest rate, longer grace period than Stafford Loans, loan forgiveness options for certain professions | Based on financial need; Limited funds and low borrower limits may not cover cost of education |
| Stafford - Subsidized | Undergraduate, Graduate Students | Fixed interest rate, interest paid by the government while in school, no payments while in school, grace period after graduation | Based on financial need; Limited funds and low borrower limits may not cover cost of education |
| Stafford - Unsubsidized | Undergraduate, Graduate Students | No financial need necessary, fixed interest rate, no payments on principal while in school, grace period after graduation | Limited borrower limits may not cover cost of education, must pay interest while in school or have it added to principal |
| PLUS Loan | Parents of undergraduate students; Graduate Students | Higher borrower limits - Can borrow up to cost of attendance less other aid received, fixed interest rate | Borrower must not have negative credit, interest rate higher than on Stafford loans; repayment starts while student is still in school |
| Private (Alternative Loans) | Undergraduate Students, Graduate Students, Parents | Not based on need, can borrow up to the cost of education; loans can be used for more education-related expenses such as personal computers and other related supplies | Many loans require co-signer, most interest rates are variable, may not offer deferment or forbearance options |
Student Loans At-A-Glance:
Below is an overview of student loan options, with their unique advantages and disadvantages. For more detail, please read on below.
Perkins Loans - offered to students who demonstrate the greatest financial need based on the FAFSA, these federal loans are made directly by the school to the student.
Stafford Loans - federal loans available to undergraduate, graduate and professional students. Based on financial need, students may qualify for subsidized Staffords - the government pays the interest while you are in school and for the first six months after graduation. Regardless of need, you may qualify for an unsubsidized Stafford - you can choose to pay the interest while you are in school or have it added to your principal after graduation. Stafford loans have fixed interest rates and offer deferment options if you decide to return to school.
Need a Stafford Loan? You can apply now!
PLUS Loans (PARENT LOAN FOR UNDERGRADUATE STUDENTS) - parents can take out this federal loan to help pay for the cost of an undergraduate student's education. Graduate students are now able to take out this loan as well for themselves. PLUS Loans are credit-based and offer fixed interest rates.
Need a PLUS Loan? You can apply now!
Private Loans - If federal loans do not meet all of your need, many lenders offer student loans. Students can borrow up to 100% the cost of education at most schools. Private loans are credit-based loans (most lenders require a co-signer) and most private loans have variable interest rates.
Need a Private Loan? You can apply now!
After graduation, consider consolidating your federal loans. Consolidation may be beneficial if you wish to lock in a low interest rate and extend repayment beyond the standard term.
Five Steps to Find Tuition
 | Find Scholarships |
 | Apply for Financial Aid |
 | Find a Student Loan |
 | Consolidate Your Loans |
 | Student Loans & Your Credit |
Loan Tips:
From our experts at FindTuition.com- Apply for financial aid at your school and file the FAFSA, even if you don't think you qualify. You may qualify for federal aid, including federal loans, which offer better repayment terms.
- Loans do need to be repaid, but may allow you to attend the school of your choice.
- Compare different lenders and read the fine print - many lenders compete on percentage rates, repayment terms and fees.
- Consider consolidation if you have a variable rate you want to lower or need extended time to repay your loan.
- Take student loan payments seriously - missing payments will damage your credit score and impact your ability to take out other loans or apply for credit.
- Take advantage of borrower benefits - many lenders offer lower interest rates for automatic payments debited from a bank account or making a certain number of payments on-time.
