What government loans are available for college students?

There are three types of Federal student loans to consider. The Stafford Loan, the Direct PLUS Loan for Parents and the Perkins Loan. Graduating students can also take advantage of a Federal Consolidation Loan to combine all of their college loans into one manageable loan package.

Are parent loans eligible for forgiveness?

A federal parent PLUS loan may be eligible for forgiveness through an income-contingent repayment plan or through the Public Service Loan Forgiveness program. There are also options for parents who took out a loan from a private lender. A parent PLUS loan, or direct PLUS loan, is a form of federal student aid.

What are the three types of student loans?

There are three types of federal student loans:

• Direct Subsidized Loans.
• Direct Unsubsidized Loans.
• Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.

  How do I apply for federal student loans?

  The letter will detail the total cost of attendance, what you got in the form of scholarships or grants, and what federal student loans are available. To accept, you generally need to sign the letter and return it to the school financial aid office. In some cases, you may find that you need more aid than the school and government will provide.

  Can you get a subsidized student loan for Graduate School?

  Currently, the Department of Education offers just one type of subsidized student loan. These loans, called Direct Subsidized Loans, are extended to undergraduate students who have demonstrated financial need. Unfortunately, the Federal Student Aid Office no longer offers a subsidized student loan option to graduate students.

  Can a parent help their child get a student loan?

  Even if both you and your child received federal loan offers, and your child was awarded some scholarship money, it still might not cover the total cost of paying for college. Private student loans can help bridge that gap.

  Where can I get a private student loan?

  Private student loans can help bridge that gap. These types of loans are issued through private lenders, meaning there are no government regulations like there are with federal loans. Each lender determines eligibility, interest rates, and repayment terms.