Federal Student Loans
If you can’t get enough free money to pay for college and you aren’t able to cover your costs with savings or other resources, there are federal student loans. Your loan’s low interest rate is fixed and you’ll usually have up to 10 years to repay, along with other benefits. You can get a federal loan even if you don’t have financial need, and there’s no credit check. There are also federal loans for parents. Types of federal loans:
Many lenders offer private loans if you have reached the federal loan borrowing limits, but keep in mind private loans usually have higher interest rates and fewer benefits. If you need to borrow, you should always take out federal loans first.
Whether you receive your federal loan through a private lender under the Federal Family Education Loan Program or directly through the federal government under the William D. Ford Federal Direct Loan Program will depend on which program your school participates in. The information here applies to loans under both programs.
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