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loans_1Are borrowed money that must be repaid with interest. The loan programs allow undergraduate and graduate students to borrow money to cover their education expenses. Parents also may borrow to pay education expenses for dependent undergraduate students. Generally, loan amounts depend on the student’s year in school, cost of attendance, and the amount of other aid received. Some loans are based on the student’s financial need and others are not. There are five federal loans:

  • Federal Perkins Loan
  • Federal Stafford Loan
  • PLUS Loan for Parents
  • PLUS Loan for Graduate and Professional Degree Students
  • Consolidation Loan

Stafford, PLUS, and Consolidation loans are made through the William D. Ford Federal loansDirect Loan (Direct Loan) Program. Through this program, students and parents borrow directly from the federal government at participating schools. (Note: Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan [FFELSM] Program.)

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