Definition
Programs that provide loan funds to meet the financial needs of students for whom grants and other forms of aid are inadequate or unavailable. Student loans are available at attractive interest rates (usually three to nine percent) and repayment is not required until after the student has completed school. Most student loans are federal Stafford Loans which have two variations: federally guaranteed Federal Family Education Loans (FFEL) that can be obtained from banks, savings and loan associations, credit unions or other financial institutions; and loans from the Federal Direct Student Loan Program (FDSLP) which are provided to students and their parents directly by the federal government. Stafford Loans may be subsidized (the government pays the interest while the student is in school) or unsubsidized (the student must pay the interest either while in school or following graduation, if deferred). Other options include PLUS loans (federal loans to parents of dependent undergraduate students), state government loans, loans from the educational institution or private donors, and loans that are designated for students who are pursuing specific courses of study (e.g., nursing, medicine, law).
URL Name
HL-8000-8100
Third Level Code
HL-8000
Taxonomy Code
HL-8000.8100
Parent Code
HL-8000
Family Code
H
Second Level Code
HL
Fourth Level Code
HL-8000-8100
Use References
FDSLP, Federal Direct Student Loans, Guaranteed Student Loan, Stafford Loans, College/University Student Loans, FAFSA, Federal Student Aid Programs, Higher Education Loans
Publication Status
Online