Since there are different kinds of federal student loans in the United States, there are several loans that are mostly used by students and parents. These are the Federal Stafford loans, Federal Perkins loans and finally the Federal Parent PLUS loans.

1. Federal Stafford loans: This kind of federal student loan is the most used by the students and there are two kinds of which are subsidized and unsubsidized loans. In subsidized loans, this is based on the need of the student and the interest will not accrue while the student is still in school. The interest will only apply after six months upon graduating. On the other hand, the unsubsidized loan is the opposite and you need to pay the interest while still in school. If subsidized loan cannot meet your financial needs then you can go for the unsubsidized loan no matter what you family income is.
2. Federal Perkins loans: This most used federal student loan has a 5% low interest rate that is available for both graduate and undergraduate students. Though this can only be given to those who really needs it and in financial crisis. There are also several criteria that must be met to be able to have this kind of loan. The funds for this loan are obtained from the school funds and the federal loan. The loan will be given by the school to you usually through checks and sometimes it will be directly used for your school expenses.
3. Federal Parent PLUS loans: This federal student loan is granted to the parents of an dependent student and undergraduate. No matter what the financial status of the family, this loan can still be granted and without any collateral. But credit check is still conducted.

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