Student Loans

Student loans, unlike scholarships and grants, are forms of financial aid that need to be repaid, with interest.

Student education loans fall into one of three categorie; there are loans offered to students such as the Federal Stafford and Federal Perkins loans, parents can apply for PLUS loans and lenders also offer private student loans or alternative student loans. More Information

Upon graduating from college, students also have the option of obtaining a fourth type of loan, typically called the consolidation loan. This loan allows students to put their accumulated loans into one loan with the obvious benefit of giving the borrower only one payment a month to make instead of multiple payments. The interest rate on a consolidated loan will take an average of the total amount of all the loans being consolidated rounded up to the nearest 1/8 of a percent and capped at 8.25% giving the borrower an interest rate somewhere in the middle of the combined interest rates.

On federally-guaranteed loans Federal law sets the maximum interest rates and fees that lenders can charge. There is nothing to prevent a lender from charging a lower fee or lower interest rate.

Compare Student Loans

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