A student loan is a money borrowed from the government or a private lender to pay for college, including tuition, rooms or boarding, books, and other school fees. The loan has to be paid back later, along with an interest that sums up over time.
Two (2) Types of Student Loans
- Student Loans
- Direct Subsidized Loan – The government pays the interest until you start paying the loans back.
- Direct Unsubsidized Loan – The government doesn’t cover the interest. The interest starts from the minute the school gets the loan money.
- Direct PLUS Loans – Loans that parents can take out for the dependent students or graduate students that can take out for themselves.
- Private Student Loans
All you need to know about private student loans is that they are more expensive and have higher interest rates than federal loans. Usually, the student has to start making monthly payments while they are still studying.
Student Loan Repayment Options
Federal Student Loans
- Graduated Repayment Plans
- Extended Repayment Plans
- Income-Based Repayment Plans
- Income-Contingent Repayment Plans
- Income-Sensitive Repayment Plans
Private Student Loans
You will pay a set amount each month that is a combination of principal payment and interest in a specific amount of time.
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