Free money awarded on the basis of financial need.
Loans must be repaid, but repayment on many student loans may be deferred or postponed while you are in college.
A loan in which a student's parent borrows for their dependent student. The interest rate is fixed at 6.41% and begins immediately. Proceeds are disbursed to the student's account in halves each semester. Payments start 60 days after the second semester disbursement. There is a small loan fee withheld from the amount borrowed.
An alternative to the PLUS Loan if additional loans are needed. They are non-need based private student loans made through a private lender. Their features are very similar to the Unsubsidized Stafford Loan. Payments start six months after the last date of enrollment, interest is variable and accrues while in school. Loan fees may apply and the loan will require a cosigner.
Free money awarded on the basis of merit or some personal quality or talent you possess.
Subsidized Stafford Loan
A Federal need based loan where the payments and interest start six months after the last date of enrollment. The Government "subsidizes" or pays the interest while you are in school. There is a small loan fee.
Unsubsidized Stafford Loan
A Federal non-need based loan. It's the same as a Subsidized Stafford Loan, only the Government doesn't subsidize the interest while you are in school. You may choose to pay the interest as you go or have it accrue and be added to the principle amount upon repayment. There is a small loan fee.