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Education Planning > Student Loans

Student Loan Options

College planning is no easy task, nor is paying for it. To help ease the financial strain of college, we have listed some student loan options and services available to high school students.

You never know, one of these options just might be the perfect solutions for you and your budget. Please take note that all federal financial aid programs are regulated by the government and based on financial need.

Gift aid – Federal Pell Grants help pay for undergraduate education and are for students who demonstrate financial need. The Federal Supplemental Education Opportunity Grant (SEOG) is for undergraduates with exceptional financial need. Recipients are chosen from Pell Grant recipients with the lowest Expected Family Contribution.

Federal College Work Study Program – provides jobs for students at school. The student works for the school, a nonprofit organization or government agency, and earns at least minimum wage.

Self-help (loans) – The Federal Family Education Loan Program (FFELP) provides low-cost, federally guaranteed student loans for students attending eligible institutions at least half-time. The school's financial aid office determines federal loan amounts.

Monthly payment plan – A payment plan, which is usually administered through the school, allows families to pay education costs in equal monthly installments (usually ten) over the course of the year. Because it is not a loan, there are no interest charges. These plans usually charge a small service fee upfront.

Federal Family Education Loan Program (FFELP) – The private sector student loan program that makes higher education affordable and accessible for millions of students and their families. The lenders may be a bank or other financial institution.

Federal Direct Student Loan Program – Some schools require that students and parents obtain loans directly from the federal government rather than from traditional lenders through the FFELP (Federal Family Education Loan Program).

Federal Subsidized Stafford Loan – Available to undergraduate and graduate students, based on need. Interest is paid (subsidized) by the federal government during the in-school, deferment and grace periods. Repayment is deferred for six months after graduation.

Federal Unsubsidized Stafford Loan – Available to undergraduate and graduate students regardless of financial need. Loan interest is paid by the borrower from the day the student loan is disbursed. Repayment is deferred until six months after graduation.

Federal PLUS Loan (Parent Loan for Undergraduate Students) – Available to parents of dependent undergraduates, regardless of financial need. A parent can borrow up to the total cost of education minus financial aid, with interest accruing while the student is in school. Repayment starts within 30 days following full disbursement of the student loan.

Federal Perkins Loan – A low-interest loan for undergraduate and graduate students with exceptional financial need. The loan is made through and repaid to the school.


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