If you’re a student in the US, it’s more than likely that you’re going to need some sort of financial assistance to complete your degree. Unfortunately, education is not cheap, and tuition rates are increasing. Once you start looking at student loans, though, it can be overwhelming to know what your best options are. To help you out, we’ve rounded up all your choices so you can make the most educated decision on what’s best for your situation.

Federal Stafford Loan

The Federal Stafford Loan is available to undergraduate and graduate students. It has a fixed interest rate, and loans are awarded based on financial need. The loan can be used for tuition/fees, room/board, and books. Repayment of the federal Stafford loan begins six months after graduation or dropping below half-time enrollment status in an undergraduate program or two years in a master’s degree program (unless you’re still enrolled in some form of postsecondary education). You must repay the loan over a 10-year period.

Federal Perkins Loan
If you’re eligible for a Federal Perkins Loan, your school will be able to tell you if they offer this option.

Federal Perkins Loans are a need-based loan program that offers low interest rates and flexible repayment terms. It is also one of the most popular student loans in America because it’s affordable, flexible, and easy to access—and can be used at any college or university in the country.

The requirements for Federal Perkins Loans include;

You must have financial need as determined by your school.
Your family must meet IRS eligibility requirements for tax information (1040).
You must have been accepted into an eligible program of study at an eligible school located within the U.S., its territories or possessions (or its international offices) since July 1st 2016; not all schools allow students outside their state/country boundaries to apply for this loan type but most do! Check with yours first before applying elsewhere!

Read more about this topic on our blog and apply for one

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