Types of Student Loans

What loan is based on financial need?

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct Plus Loans

• Private Loans

This is a federally run program based on need and administered by a college's financial aid office. Repayment does not begin until student graduates.

• Credit Score

• Promissory Note

• Federal Perkins Loan Program

• interest rate

Loan in which your school will determine how much you can borrow, based on the cost of attendance and how much other financial aid you’re receiving.

• Private Loans

• Parent loans

• Direct Subsidized Loans

• Direct Unsubsidized Loans

A written contract with a promise to pay a supplier a specific sum of money at a definite time.

• Promissory Note

• Interest Rate

• Credit Score

• Direct Consolidation Loan

Loans that are credit-based, unsubsidized federal loans for parents and graduate/professional students.

• Private Student Loan

• Direct Plus Loan

• Parent Loan

• Private Loan

A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower.

• Promissory Note

• Interest Rate

• Credit Score

• Loan

Percentage of amount borrowed to be added to the amount loaned and paid back.

• Credit Score

• Promissory Note

• Loan Program

• Interest Rate

Loan that allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

• Private Loan

• Direct Consolidation Loan

• Parent Loan

• Private Student Loan

A parent or other creditworthy individual takes out the loan to help their student pay for college.

• Parent Loan

• Private Student Loans

• Direct Plus Loan

• Private Loan

Loans that are taken out by the student; they’re often cosigned by a parent or another creditworthy individual.

• Direct Plus Loan

• Parent Loan

• Private Loan

• Private Student Loans