Colleges handle financial aid in different ways. They can participate in different programs and have different processing deadlines. Each school adopts a federal loan program - either the Federal Family Education Loan Program (FFELP) or the Direct Loan Program. Both programs are governed by federal regulations that determine the loan programs, loan limits, and repayment options. In the FFELP, private lenders provide the student loan funds and work with guarantors to back the loans. In the Direct Loan Program, the government provides the loan funds and backs each loan.
Your financial aid award package will tell you what types of education loan programs you are eligible to accept. If you have remaining unmet need, you may need parent loans, alternative or private student loans to cover all your expenses. Your school's financial aid office can help you determine which programs are right for your unique situation.
Keep in mind that loans with the lowest interest rates and with the most options for deferring payment are awarded to those with the greatest need. Various loan types are listed here. You may not be eligible for all of them. Your school's financial aid office determines your eligibility for both loan and non-loan programs.
Undergraduates
The federal government and private lenders offer students loans to finance their education. These government loans, offered through FFELP or the Direct Loan Program, have low interest rates and do not require credit checks or collateral. Student loans provide a variety of deferment options and extended repayment terms. Eligibility for each type of loan usually depends on need as determined by the Department of Education or the financial aid office. In addition, many lenders offer private loans to cover un-met need.
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Parents
Parents of dependent undergraduate students
attending an eligible college, university, or trade
school may take out a PLUS loan to fund their child's entire cost of attendance, minus any other financial aid. Parents with satisfactory credit may qualify for a PLUS loan regardless of their income level or financial assets. PLUS loan proceeds may be used to pay all authorized education expenses. PLUS loans are offered by both the federal government and private lenders. In addition, alternative loans are offered to meet undergraduate need.
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Graduates
There are a variety of low-interest loans and other aid programs available to graduate students through the FFELP and Direct Loan Program. Many are similar to the undergraduate loan programs, yet with higher annual loan limit amounts. Others are unique to a graduate student's specific area of study. In addition, many lenders offer graduate private loans to meet un-met graduate need.
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http://www.financialaidofficer.com/loaninfo/
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