Stafford and Perkins loans are federal loans given directly to the student.This type of loan, which is funded with government money, comes with low interest rates and favorable repayment options. They can be consolidated upon graduation, which is an important factor when it comes time for repayment.
I need help consolidating my student loans
Private student loans have some conditions and terms — very good credit or a co-signer needed – that make them difficult.
The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.
If you have an unsubsidized loan, you’re responsible for paying off all the interest.
In 2017, interest rates were fixed at 3.76% while you’re in school, but payments are typically deferred — or postponed — until after you graduate. Your annual Stafford Loan limit for unsubsidized loans ranges from $5,500 to $12,500, depending on your year in school and whether you are claimed as a dependent on someone’s tax return.
Student loans come in many shapes and sizes, and the regulations for them can be different as well.
There are several types for which you may be eligible.
Most go to students whose families’ annual income is less than ,000.
If you’re an undergraduate, the maximum annual amount of a subsidized loan depends on your year in school.
Freshmen can borrow up to ,500; sophomores ,500; and third-year students and beyond can borrow up to ,500 in subsidized loans.
You cannot accrue more than ,000 in subsidized Stafford Loans throughout your undergraduate studies.
If you’re a medical student, you have the highest limits.