Federal student loans comparison chart shows all federal loans and how they match against each other.
The most important student loan is the one with lowest interest rate.
Student Loans Quick Link List:
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| Loan Program | Eligibility | Award Amounts | Interest Rates | Lender/Length of Repayment |
| Federal Perkins Loans |
Undergraduate and graduate students |
Undergraduate-up to $5,500 a year (maximum of $27,500 as an undergraduate)
Graduate-up to $8,000 a year (maximum of $60,000, including undergraduate loans) Amount actually received depends on financial need,amount of other aid,availability of funds at school |
5 percent |
Lender is your school
Repay your school or its agent Up to 10 years to repay, depending on amount owned |
| FFEL Stafford Loans (subsidized and unsubsidized) | Undergraduate and graduate students;must be enrolled at least half-time |
Depends on grade level in school and dependency status(see chart on page 21)
Financial need is required for subsidized loans Financial need is not necessary for unsubsidized loans |
Fixed rate of 6.0 percent for subsidized loans and 6.8 percent for unsubsidized loans made to undergraduate students
Graduate students have a 6.8 percent fixed interest rate The federal government pays interest on subsidized loans during school and certain other periods The borrower pays all interest on unsubsidized loans |
Lender is a bank,credit union or other participating private lender
Repay the loan holder or its agent Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected |
| Direct Stafford Loans (subsidized and unsubsidized) | Same as above | Same as above | Same as above |
Lender is the U.S. Department of Education; repay Department
Between 10 and years to repay, depending on amount owed and type of repayment plan selected |
| FFEL PLUS Loans |
Parents of dependent undergraduate students enrolled at least half-time* (see dependency status)
Graduate or professional degree students enrolled at least half-time* Borrower must not have negative credit history |
Student's Cost of Attendance
-Other aid student receives ------------ =Maximum loan amount |
Fixed rate at 8.5 percent for loans first disbursed on or after July 1,2006; borrower pays all interest | Same as for FFEL Stafford Loans above |
| Direct PLUS Loans | Same as above | Same as above | Fixed rate at 7.9 precent for loans first disbursed on or after July 1,2006; borrower pays all interest | Same as for Direct Stafford loans above,except that the income Contingent Repayment Plan is nor an option |
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Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
View All Tips
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Important Questions |
Q: What is the best student loan?
Difficult question. There is no such thing as the ultimate best loan, because every student has a different requirement. Sometimes the best student loan could be the one you get, if no other
financial aid is provided. Federal student loans carry low interest rates and can be forgiven. Some of them do not need to be repaid while you're in school.
Q: Do Student Loans Cover Off-Campus Housing?
Yes, in general student loans can be used for anything you want related to college. That's why it's a loan. Grants and scholarships on the other hand have to be used for tuition and books only.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
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Student Loans are a core part of Financial Aid. Both
Federal Government and Private Investors offer student loans.
They could be for Students and Parents.
Student loans are also available for Undergraduates and
Graduates.
Students start applying for Federal Student Loans by submitting the FAFSA Application.
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