Need to fill a gap in funding for college? Student loans are available from the government or private lenders. Nearly 70% of college students took out student loans last year, and 14% of parents took out Parent PLUS loans from the government.
Student loans cost much more than the actual amount awarded to a student. You must consider whether it is subsidized or unsubsidized, as well as the interest paid over the lifetime of the loan. See the step by step here.
Learn everything you need to know about federal loans for parents, the pros and cons, and how they compare to private loans.
Learn about your options for paying for college if your credit score is low.
Student loans can build a bridge to college - but borrowing too much can be risky and impact you for years. Read our guide to making an informed decision.
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Sometimes federal student loans issued to students aren’t enough to pay for college after scholarships, savings, parent contributions, and grants. To ...Read More
If you apply for a Parent PLUS Loan and are denied, you may be wondering what your alternatives are for financing your child’s college education. ...Read More
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Student loans can be issued to parents or students, by the U.S. Department of Education (called "federal loans") or private lenders. Federal loans can be subsidized, meaning interest does not accrue during the student's time in college. Subsidized loans are available to students with financial need, whereas every student can take a certain amount in unsubsidized loans.
Yes, there is a limit. The maximum amount of student loans that a student or parent may borrow depends on many factors, including the school's cost of attendance, the student's financial need, and which entity sponsors the loan. Students and parents are subject to both annual and aggregate borrowing limits.
The average student loan for the class of 2017 was $28,650, according to the Institute for College Access and Success. But levels of debt vary widely by type of institution, degree, and state.
Student loans can and should be spent on education-related expenses, which include tuition, room and board, student activity fees, books and supplies, transportation, and other related costs.