Most high school students could not afford to go to college without the help of student loans. Understanding the different types of loans and the types of funds that are available to you can make paying for your college education easier and more affordable. Choosing the right type of loan is essential to making the best decision for your financial situation.
There are certain types of loans administered by the federal government. Perhaps the most well known is called the Federal Direct Stafford Loan. This loan is unique because it is a long-term loan paid over many years with low interest rates. There are three types of Federal Direct Stafford Loans: the direct subsidized loan and the indirect subsidized loan:
These, and other types of loans are typically calculated based on the information provided on your FAFSA form. Because of this, it is important to fill out and submit your FAFSA form as soon as possible. Speak with an admissions representative from your college of choice to learn about other types of loans that may be available to you.