Federal Financial Aid

Students enrolled at schools that participate in federal aid programs are allowed to apply for federal financial aid in the form of federal student loans. These loans are offered by private organizations under accordance from the U.S. Department of Education through the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP).

There are a variety of federal financial aid programs, the list that follows covers most of them. Check with your school to see which programs they participate in.

Federal Stafford Loans

Stafford Loans are a form of federal financial aid made directly available to college and university students and are used to supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need.

Both subsidized and unsubsidized loans are guaranteed by the Department of Education either directly or through guarantee agencies. Nearly all students are eligible to receive a Stafford Loan regardless of credit score or other financial issues.

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Parent PLUS Loan

The Federal Parent PLUS Loan is available to parents of students enrolled at least part-time in a program included within a formal list of participating post-secondary institutions.

Graduate PLUS Loan

The Graduate PLUS Loan is similar to the Parent PLUS Loan in the way it is an unsubsidized, federally guaranteed loan, up to the cost of education. This loan is taken out in the graduate student's name, on their own signature and credit rating.

Perkins Loan

The Perkins Loan is a low-interest federal student loan for undergraduate and graduate students. In the case of Perkins Loans, the college acts as the lender, drawing funds from a small pool of money provided by the federal government. Perkins Loans are awarded based on exceptional financial need.