Student Loans for College

Private and Federal Options - Subsidized and Unsubsidized

College student loans
There are various options open to students when it comes to financing their college education. If, like the large majority of students in this country, you do not have the necessary funds to put yourself through college, you may opt to boost your finances with a loan, whether Private or Federal.

There are two principal types of student and college loans: federal student loans and private student loans. To give you an overview of these different types of loan, below we have outlined the basics of each. You can read more about both options by clicking the ‘find out more’ link next to each heading.

Federal Student & College Loans

There are currently three types of federal college loans:

Perkins Loan: only awarded to students who are viewed as having the greatest needs. It does not need to be repaid until the student has completed his or her education and interest rates are fixed at a low rate (currently 5%).

Subsidized Stafford Loan (also known as Subsidized Direct Loan): these are also awarded based on the applicant’s level of need and have a very low interest rate which is subsidized by the government until the borrower finishes school.

Unsubsidized Stafford Loan (also known as Unsubsidized Direct Loan): this type of loan is available to all students, subject to a standard credit approval process. Borrowers are charged interest on the loan throughout the loan term (hence why it is known as ‘unsubsidized’) and this includes interest accrued during college.

Private Student & College Loans

This is basically any kind of student loan that is not provided by the FSA. They are offered by a number of financial institutions (see our online directory for details). Be aware that rates of interest do tend to be higher and no subsidies are offered.

There are a number of other options open to you if you need extra income to help you through college. One is to secure a scholarship, either through the college or through other institutions and businesses. Click here to search for scholarships through

If this is not possible, many colleges and universities offer students sponsored loans which often offer a more favorable rate of interest. Alternatively, your parents could take out a loan on your behalf, or if you feel you have enough free time whilst still fulfilling study commitments, you could always take a part-time job.





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