FinAid - Loan Types
Usually, grants and scholarships canīt cover all the schooling fees. A loan is a form of financial aid that must be repaid, with interest. (Scholarships, on the other hand, do not have to be repaid.) Your main loan options are:
* Student Loans (also called Stafford and Perkins Loans)
* Parent Loans (also called PLUS)
* Private Loans (also called Alternative)
* Loan Consolidation
The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your eduction.
Source: Finaid.org
