Federal Student Loans

There are four main types of federal loans available to help you and/or your parents pay for college:

• Perkins loans are low-interest loans offered to students with the most financial need. The federal government pays the interest on Perkins loans while you're enrolled in school at least half-time.
• Subsidized Stafford loans are low-interest loans offered to students with significant financial need. The federal government pays the interest on subsidized Stafford loans while you're enrolled in school at least half-time.
• Unsubsidized Stafford loans are low-interest loans available to all eligible students, regardless of financial need or family income. You’re responsible for paying the interest on unsubsidized Stafford loans as soon as the money is received. Just like with Subsidized Stafford Loans, you don’t have to start making payments until 6 months after you leave school.
• PLUS loans are low-interest loans available to parents of dependent students and to graduate and professional students. PLUS loans may be helpful if you still have uncovered expenses after adding up all your financial aid and borrowing the maximum amount in Stafford loans.

Eligibility for Federal Financial Aid

To be eligible for federal financial aid, you must:

• Be a citizen or eligible non-citizen
• Have a high school diploma or a General Education Development (GED) certificate
• Be enrolled at least half-time in an institution that participates in the financial aid program
• Be registered for Selective Service (applies only to males 18-25)