- Direct Subsidized Loans.
- Direct Unsubsidized Loans.
- Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.
What is the most common type of student loan?
- Perkins Loan — 5 percent fixed interest rate. …
- Direct Subsidized Loan — 4.66 percent interest. …
- Direct Unsubsidized Loan — 4.66 percent for undergrads, 6.21 percent for grads students or professionals. …
- Direct PLUS loan — 7.21 percent.
What are the 4 types of student loans?
- Direct subsidized loans.
- Direct unsubsidized loans.
- Direct PLUS loans.
- Direct consolidation loans.
What is the difference between subsidized and unsubsidized student loans?
Direct Subsidized Loans are available only to undergraduate students who have financial need. Direct
Unsubsidized
Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.
What type of student loans do I have?
To figure out a loan type, borrowers can visit the federal government’s
website studentaid.gov
, log on with their FSA ID, and access their student-loan information by going to their account dashboard and selecting “View Details.” Under Aid Summary, you will find a loan breakdown section where your loans will be grouped …
What increases your total student loan balance?
Your interest will continue to accrue (grow)
while your loans are deferred, and at the end of the deferment, any Unpaid Interest will capitalize (be added to your loan’s Current Principal). This can increase your Total Loan Cost.
How do I know if I have a federal student loan?
Another way for you to determine if you have a federal loan is by
accessing the National Student Loan Data System (NSLDS®) site using your FSA ID
. The NSLDS site displays information on all federal loan and grant amounts, outstanding balances, loan statuses, and disbursements.
What type of loan is best for college students?
A subsidized loan
is your best option. With these loans, the federal government pays the interest charges for you while you’re in college. Here are the types of student loans.
Are student loans paid directly to the student?
Student loans are intended to pay for college, but education costs include more than tuition. …
Both federal and private loans are disbursed directly to your school
, which takes out tuition, fees and room and board if you live on campus.
Is it better to pay off student loans fast or slow?
Yes
, paying off your student loans early is a good idea. … If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans. With a stable income and good credit score, you could qualify for a low interest rate, helping you save more and become debt-free faster.
Is it better to get a subsidized or unsubsidized loan?
Anyone can borrow unsubsidized federal loans
, but those who qualify for the subsidized version save more money in interest. When choosing a federal student loan to pay for college, the type of loan you take out — either subsidized or unsubsidized — will affect how much you owe after graduation.
Should I accept an unsubsidized loan?
If you need to accept loans to help cover the cost of college or career school, remember to borrow only what you need. You should accept the subsidized loan first because it has more benefits. If you have to accept an unsubsidized loan, remember
that you’re responsible for all the interest that accrues on that loan
.
Which loan should I pay off first subsidized or unsubsidized?
If you have a mix of both unsubsidized loans and subsidized loans, you’ll want to focus on paying off
the unsubsidized loans with the highest interest rates first
, and then the subsidized loans with high-interest rates next. Once these are paid off, move on to unsubsidized loans with lower interest rates.
Can students get loans without parents?
You can get a private student loan without a parent
, as well, but there’s a pretty big catch. Private student loans generally require a creditworthy cosigner, but the cosigner does not need to be your parents. The cosigner can be someone else with very good or excellent credit who is willing to cosign the loan.
What qualifies as a professional student?
A graduate or professional student is a student who is
pursuing education opportunities beyond an undergraduate (bachelor’s) degree
. Graduate and professional programs include master’s and doctoral programs such as Ph. D., J.D., and M.D., among others.
How do I check my student loan balance?
- Head to the National Student Loan Data System (NSLDS) The Department of Education runs the NSLDS. From here you can create a Federal Student Aid ID (FSA ID) or log in with your existing account. …
- Contact Your School. Sometimes not all loans show up in the NSLDS.
