What Types of Student Loans are Available?
Many types of student loans exist, but for the purpose of simplification we can say that student loans fall into two categories: federal student loans, and private loans.
Federal student loans are extremely popular and almost every college student these days has at least one. These loans have low interest rates and do not require credit checks or collateral. Student loans also provide a variety of deferment options and extended repayment terms.
Federal student loans are run by the U.S. Department of Education through their Federal Student Aid program. These are the easiest student consolidation loans to get. They give out $60 billion a year in loans and grants. The most common types of federal student loan are the Stafford, Perkins, and PLUS Loans, but there are several other types as well, including ROTC plans. The Stafford loan is the most common of all.
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