All about loans
A loan is a form of financial aid that you will have to repay even if you don’t finish your schooling. You (or your parents) can build up a large amount of debt if you pay for college with loans.
What kind of loans can you apply for?
You can apply for two types of loans: federal and private.
Federal student loans come from the U.S. Department of Education. They usually offer the best loan terms and repayment options.
Private student loans come from banks and other financial institutions. They often have higher overall costs and fewer repayment options.
Before you decide to apply for a loan, make sure you explore all grants and scholarships that are available. The less you have to repay, the easier you’ll find life after college.
Federal loans
Are you an undergraduate or graduate student? You can apply for Federal Direct Loans.
Are you a graduate student? If so, you’re eligible to apply for a Federal Direct Graduate PLUS Loan.
Are you a parent or stepparent of a dependent undergraduate student? You can apply for a Federal Direct Parent PLUS Loan.
Private loans
Anyone can apply for a private student loan, as long as you meet the lender’s requirements.
