There are 3 types of
federal loans available to undergraduate, graduate and professional students:
- Stafford Loans
- PLUS loans
- Graduate PLUS loan
Stafford (student) loans are targeted at graduate, undergraduate and health professional students searching for a federal student loan with low rates. Depending on your financial status, there are 2 available options for your Stafford Loan. Both of them allow you to defer payments until 6 months after your graduation.
- Subsidized Stafford Loans are open to students who are in school at least half time and can prove the financial need.
- Unsubsidized Stafford Loans are for students who cannot prove the financial need.
The PLUS loan is a
Parent Loan for Undergraduate Students (PLUS) provding flexible options for parents to pay for school costs. Student must be enrolled at least half time in an eligible school for creditworthy parents to be approved for a PLUS loan. The maximum anount you can borrow for a PLUS loan is the amount for your attendance cost less any relevant financial aid received.
The
Graduate PLUS loan is for graduate and professional students looking for a cheap loan which is federally guaranteed. Creditworthy graduates who are enrolled in a degree program with a social security number will normally be eligible for a Graduate PLUS loan. In addition, you must be a U.S. citizen or a eligible PR. The maximum amount of loan available from the Graduate PLUS loan is the cost of attendance less any other relevant financial aid.
