Student Loans

Federal Stafford Loans, Subsidized:

Requires demonstrated financial need as shown on the FAFSA

The government pays the interest while you are in school. Based on financial need

Maximum for first year college student is $5,500; of which a maximum of $3,500 can be subsidized

Must be half-time or more in school

The repayment period varies from 10 to 25 years

Six month grace period after graduation

Federal Stafford Loans, Unsubsidized:

Not need-based

You pay interest on the loan from the day you take it out

Maximum for first year college student is $5,500; of which a maximum of $3,500 can be subsidized

Must be half-time or more in school

Repayment period varies from 10 to 25 years

Six month grace period after graduation

Federal Perkins Loans

Requires exceptional financial need based on the FAFSA

Interest rate is generally lower than for Stafford

Not offered by all colleges

Must be half-time or more

Up to $5,500 per year for undergraduates, $27,500 lifetime maximum

Nine month grace period after graduation