One kind of loan is a Subsidized Stafford Loan. With this loan you have a 6.8% or below interest rate and you won't be responsible for making any payments until after you graduate from college. These loans are reserved for students who have demonstrated a financial hardship. You cannot get more than 23,000 for your entire college career.
With an Unsubsidized Stafford Loan they are basically the same requirements except these can be larger amounts and anyone can be eligible for this. You can only borrow 20,500 dollars. The only thing is that you have to pay for the interest, except in certain circumstances, it can be postponed until graduation until you have to start paying.
Perkins Loans are more wanted than the Stafford Loans but they have more of a strict eligibility requirement. These loans have a set 5% interest rate and it is subsidized so the government covers all of it while you are in school and for a while after you graduate. A student must be in extreme need of financial help to be eligible for this loan. You can borrow up to 5,500 dollar annually.
http://www.debt.org/students/types-of-loans/
With an Unsubsidized Stafford Loan they are basically the same requirements except these can be larger amounts and anyone can be eligible for this. You can only borrow 20,500 dollars. The only thing is that you have to pay for the interest, except in certain circumstances, it can be postponed until graduation until you have to start paying.
Perkins Loans are more wanted than the Stafford Loans but they have more of a strict eligibility requirement. These loans have a set 5% interest rate and it is subsidized so the government covers all of it while you are in school and for a while after you graduate. A student must be in extreme need of financial help to be eligible for this loan. You can borrow up to 5,500 dollar annually.
http://www.debt.org/students/types-of-loans/